Creating alternative business plans with the support of artificial intelligence to make factories more productive, Khenda received a seed investment of $1 million.
Khenda, an artificial intelligence-based video analysis platform that increases efficiency in the production lines of factories, announced that it has received a seed investment of $1 million from Diffusion Capital Partners (DCP) and Koc Group Companies First Private Venture Capital Investment Fund.
Khenda is developing a SaaS platform that digitizes its continuous improvement activities in production with artificial intelligence-based video analysis. Through video, artificial intelligence automatically analyzes production processes and reveals what engineers need to focus on to increase productivity in production. Khenda’s patent-pending technology enables AI training with very little data. Unlike other solutions, there is no need for hardware setup or extensive data collection, which can take months to complete. Thus, engineers can quickly and easily start using Khenda’s platform to identify problems in production, reduce waste and increase the efficiency of processes.
A graduate of the KWORKS Acceleration Program, Khenda also became the winner of the K-Start-up Grand Challenge 2021, one of the world’s most prestigious start-up competitions in South Korea among more than 2,500 global startups, with $120,000 cash award.
Cagkan Ekici, responsible for Khenda’s technology, said, “We are happy to receive this important investment from DCP and Koc Group’s VC fund. Manufacturing facilities face many challenges in ensuring efficiency and quality on their production lines, and we believe our AI-powered video analytics platform can make a real difference. This funding will help us continue to advance our technology and apply it at more manufacturing sites around the world.”
Aykan Ekici, co-founder of Khenda’s operations, said, “We are excited to receive this investment from DCP and Koc Group’s VC fund. Getting the support of such a prestigious company in the Fortune 500 will give us a great momentum, especially in the automotive and white goods sectors. In addition, this investment will help us realize our vision of a smarter and more efficient manufacturing industry.”
Alper Karagoz, DCP VC, said, “We are excited to support Khenda’s growth and innovative approaches to improving its manufacturing facilities. We believe that Khenda’s technology will accelerate the transition to a safer, quality and efficient production. The team has the vision and expertise to make a real impact in this area and we look forward to seeing their progress.”
The investment from DCP VC and Koc Group’s VC fund will help Khenda accelerate its growth and expand its reach into more markets. The company is already working with leading manufacturing companies in the US, Europe and Asia and aims to expand its operations further.
Source: Egirisim / Translated by Irem Yildiz