By Supantha Mukherjee
STOCKHOLM (Reuters) – Daedalus, an artificial intelligence (AI) startup founded by a former OpenAI engineer Jonas Schneider said it had raised $21 million from investors including NGP Capital, Addition and Khosla Ventures as it looks to expand its production in Germany.
Its software, based on AI models such as OpenAI’s ChatGPT, helps in the manufacturing of any bespoke precision part used by companies in sectors ranging from semiconductors to defence with minimal human intervention.
Daedalus is using an AI platform to automate its entire manufacturing process, from quoting to delivery, for high-precision and high-mix parts.
ChatGPT’s launch in late 2022 triggered worldwide interest in generative AI, first in sectors from cloud computing and customer service to movie editing and screenplay writing, and now increasingly in more traditional industrial areas.
Daedalus has more than 100 customers ranging from million-dollar companies to multi-billion dollar ones across sectors that use high-performance machinery, founder and CEO Schneider said in an interview.
The global revenue for precision parts is expected to reach $388 billion by 2030 from $186 billion in 2022, according to data from Kings Research.
The market is extremely fragmented as there are thousands of manufacturers of these parts and 80% have less than 10 employees, Schneider said.
“At the same time these people are making the most critical parts for industries like semiconductors, medical device, aerospace,” added Schneider, who joined OpenAI in 2016 as one of its first software engineers and founded Daedalus in 2019.
(Reporting by Supantha Mukherjee in Stockholm; Editing by Alexander Smith)
Comments