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."