KMP’s investment will be used to scale up the team and R&D to support Evlos’ growing business
Evlos offers AI-powered quality inspection solutions for various sectors, leveraging computer vision and automation.
KUALA LUMPUR, 20 May 2024 – Kumpulan Modal Perdana (KMP), the tech-focused venture capital owned by the Minister of Finance (Inc.), has recently invested in Evlos, a provider of end-to-end AI-powered computer vision solution for automated quality inspections. In this funding round, KMP has emerged as Evlos’ most recent investor where the funding will be utilised to expand its team to support its growth trajectory.
Founded and developed in Malaysia, Evlos’s core focus is providing AI-based solutions through their cutting-edge zero-code computer vision software and automation hardware to empower manufacturers to completely automate and streamline their quality control (QC) inspection. Evlos’s advanced solutions can significantly benefit companies that still rely on manual labour for QC detection of their products and materials by reducing labour costs and increasing accuracy and efficiency.
The Chief Executive Officer of Evlos, Shankar Ramanathan, shared, “We are proud to welcome KMP as our investor in this round of funding. Backed by KMP’s funding as well as its expertise and extensive network in Malaysia, it serves as a testament to KMP’s trust in our potential, validating our hard work. We are committed to fostering strategic business growth and empowering Malaysia’s manufacturing industry with accessible, high-quality computer vision and automation technology to automate their quality inspection. We also look forward to equipping more SMEs across different industries with our effective solutions so they can scale up their businesses without compromising quality. We are grateful for KMP’s support and we hope that this funding will catalyse our growth further”.
Initially founded in 2019 as Cedar Technologies Sdn Bhd, the company was recently rebranded to Evlos Sdn Bhd in 2022. The startup is making a conscious effort to explore and tap into underserved markets, including SMEs, to proactively bridge the gap that exists in automation adoption in manufacturing. Evlos proudly develops its end-to-end solutions in-house, from designing, and manufacturing to programming. Furthermore, the Evlos Vision software is integrated with real-time analytics to explore accurate detection during the production of complex products. Along with its unique 24/7 sales support, Evlos stands out in the market by offering top-of-the-line solutions without sacrificing quality
“KMP is thrilled to be supporting such an innovative company as Evlos and to be a part of an enterprise leading the development of comprehensive solutions for quality inspection automation across sectors. We strongly believe in Evlos’ potential to grow further in the market, being the only establishment to offer a fully integrated in-house solution for quality inspection automation at a competitive price. Our vision is to ensure that the team behind Evlos can scale alongside their business in the coming years,” added KMP’s Chief Executive Officer, Yarham Yunus.
How KMP is addressing manufacturing challenges through automation
Over recent months, the manufacturing sector has had a positive change in adopting automation, especially in defect detection. The industry is slowly shifting its focus to incorporating more technological advancements during manufacturing and quality control processes. This is evident in the Global Defect Detection Market, showing an estimated growth of 6.6% in CAGR by 2027. These companies are beginning to see how their recurring problems can be solved with the help of technology. For example, defect detection can help minimise defects in manufactured goods, contributing to a reduction of waste in cost and resources. Automation is now emerging as one of the key priorities in manufacturing for its numerous benefits, especially in increasing efficiency, optimising resources, maintaining the quality of manufactured goods, as well as reducing production and labour costs.
Additionally, manufacturers and other businesses across industries are seeking better solutions that can help them access real-time data analytics and insights to significantly improve their processes with an easier learning curve that requires little to no knowledge of coding accompanied by a comprehensive interface. Evlos helps by providing no-code AI-powered computer vision solutions with an extensive and integrated library of tools for a wide range of use cases suited for all industries.
With Evlos’ AI-powered computer vision and automation solutions, manufacturers can improve their operational efficiency, reduce labour costs, reduce rework expenses, minimise errors, as well as boost productivity. On top of that, Evlos’ automation benefits include enhanced efficiency, reduced manual labour reliance, lower rework costs, and fewer customer complaints. Additionally, Evlos’ hardware solutions are powered by Evlos Vision Software (EVS), the company’s in-house AI-based computer vision software with deep learning capabilities, allowing the startup to enable advanced defect detection and precise quality control while also being seamlessly integrated into various inspection processes across industries.
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About KMP
Established in 2001, KMP is a venture capital firm wholly owned by the Minister of Finance (Incorporated) in Malaysia and under the purview of the Ministry of Science, Technology & Innovation (MOSTI). KMP was established with a mandate to focus on technology development, aimed at spurring the growth of technology-based businesses.
Since its inception, KMP has invested in more than 40 companies, encompassing high-tech companies across a spectrum of technology sectors, including but not limited to the Internet of Things (IoT), advanced materials, semiconductors, automation, green technology and renewable energy
About Evlos
Evlos is an artificial intelligence (AI) company that provides end-to-end solutions for automated quality inspections through computer vision software to customised automation hardware for manufacturers all over Malaysia. By utilising their solutions, manufacturers in various industries can detect defects quickly and accurately during quality inspections, saving time and money. Evlos’s solutions are entirely developed, programmed, designed and manufactured in-house. Moreover, Evlos offers 24/7 sales support, making it the most competitively priced and reliable option for automated quality inspection solutions.
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