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Following a lot of hard work by Mobians, innovating our technology, ensuring our clients are satisfied, adapting to the market, hustling, we’re now entering a new, bigger phase of Mobius Labs. The last year was a challenging time for us all, but we managed to tackle them headfirst and are now thrilled to announce that we have raised €5.2 Million in our latest series A funding round led by the French Venture Capital firm, Ventech Europe. The current round also includes other investors namely Atlantic Labs, Apex Ventures, Space Capital, Lunar Ventures and additional angel investors. We have received 8.8 million euros of investment from venture capitalists and private investors to date.
“I am very proud of what we have achieved at Mobius Labs so far but there is still a lot to be done. This new round of funding will help accelerate our plans and expand quickly as a company,” our CEO Appu Shaji comments. “The last 18 months has been very challenging for many firms, but we have continued to grow throughout the pandemic and look forward to enhancing our product and taking computer vision technology to the next level.”
This has been a really challenging round to start off with. We struggled in the initial stages considerably, but eventually hit a pivotal moment sometime early this year when we started to re-align and execute our mission of growth and strong inter-team collaborations. The world started taking increased notice of us, and multiple investors started bidding to participate in this round.
The last 18 months saw the team doubling in size, with a current headcount of 30 Mobians. With this new round of financing, we will continue to accelerate the company’s rapid growth and expand our geographical footprint with a strong focus on the United States. We’re exploring new markets, with plans to further strengthen go-to-market activities in the media and space sectors with geospatial intelligence, which is a big focus area for our technology.
Will Hannan, our Chief Commercial Officer points out, “This funding represents a great opportunity for Mobius Labs to strengthen its client offerings. Since entering the market, we have grown an excellent network of partners who benefit from the use of our technology. Now, with this additional resourcing, we will see that network grow even more rapidly. I am thrilled by the tangible value we have provided our clients to date, and look forward to accomplishing even more with partners new and existing.”
Mobius Labs started off as a pure technology company, with some of the best scientific researchers being the initial team members. Unlike many other AI companies, we explore new technology very early on in a pure scientific manner. This involves making a commitment for the future while often forsaking immediate payoff. We plan to further develop our no-code AI Superhuman Vision™ solutions, where the software can be trained by any user within an enterprise and then applied to multiple new applications and sectors. Funding R&D based innovation is fundamental to us, and we plan to improve core algorithms that power our few shot capability feature, and develop further algorithms for edge computing that can be deployed in many devices and scenarios including cameras, mobiles or satellites.
One important aspect we keep reiterating is that we build technology to create a positive impact in humanity. We constantly evaluate the use of our technology, and consider the value that it creates in people's life as a yardstick while committing to our product development. We also want to democratize AI for everybody, so that it is not limited to only data scientists or AI experts. Our aim is to empower companies and businesses around the world to build their own applications with our solutions. Building cutting edge technology requires us to be courageous, and explore technical and product avenues which have not been tried out before; securing this huge funding round acts as a major push to keep exploring different avenues.
It is an interesting period for computer vision in general, since it is creating new forms of value in various industries. One thing that gives it colour and life is when we approach it from various perspectives. We have a team that hails from various cultures and backgrounds, all of whom are contributing towards a shared journey. With this new funding, we will continue to hire more team members to develop the different teams further by bringing in people from all around the globe. For Ashwin Nair Anilil, our Head of Product, this is one of the most important aspects for the product team: “my focus is to make sure we hire and scale the product organization. That means hiring good people, ideally to maintain and run certain industries or product lines”, he comments.
As we build our technology further, we strongly emphasize inclusivity not only when it comes to the people working in the company, but also with respect to the technology that we build. We keep reevaluating our machine learning models to see whether it is propagating any bias or discrimination. This is an ongoing process, and we keep an open feedback channel where any team member can comment on how we could possibly improve our technology.
Computer vision will be mass-adopted across industries in the next few years. We aim to be the leading company that will be providing AI solutions to the world, and are already on the path to fulfilling this vision. Stephen Wirries, Partner at Ventech Europe comments, “Appu and the team at Mobius Labs have developed an unparalleled offering in the computer vision space. Superhuman Vision is impressively innovative with its high degree of accuracy despite very limited required training to recognize new objects at excellent computational efficiency. We believe industries will be transformed through AI, and Mobius Labs is the European Deep Tech innovator teaching machines to see”.
Our dream is to make “Mobius Inside” a reality: as we had the slogan of Intel inside in the software sector, in the upcoming years we will see "Mobius Inside" in all artificial visual eyes of different applications and processes around the world.
💡Check out TechCrunch's exclusive coverage of our funding round announcement here.