Five Ways AI Can Help Create New Smart Manufacturing Startups

AI and machine learning's potential to drive greater visibility, control, and insight across shop floors while monitoring machines and processes in real-time continue to attract venture capital. PwC's broader tech sector analysis shows a 30% year-over-year growth in funding rounds that reached $293.2 billion in 2021. Smart manufacturing startups are financed by seed rounds at 52%, followed by early-stage venture funding at 33%. The median last funding amount was $1.6 million, with the average being $9.93 million. According to Gartner, "The underlying concept of Industry 4.0 is to connect embedded systems and smart production facilities to generate a digital convergence between industry, business, and internal functions and processes."