Eigen Innovations develops AI-enabled in-line quality inspection solutions that combine thermal cameras with AI software to capture and consolidate inspection data and generate consistent digital records of every product. Founded in 2012 and led by CEO Erin Barrett, the company focuses on thermal imaging to detect issues in real time, reduce defects, and standardize inspection processes. Its platform enables manufacturers to automate quality control and train scalable AI models that deliver consistent, real-time analysis. Eigen has developed portable demos to showcase its solutions to prospective customers and accelerate sales. The new funding will help expand its AI-powered in-line inspection technology and thermal imaging applications across manufacturing. Investors and management cite a growing customer base and significant market opportunities for the company. Eigen Innovations builds IoT-enabled, AI-driven tools that help manufacturers tackle production issues and improve operations. The company says its AI-enabled technology is used by prominent brands in automotive manufacturing and is expanding its industrial manufacturing business. Eigen plans to bring greater depth and diversity to its team as it continues to evolve its technology and enhance capabilities to deliver value to clients. The company announced it closed $3.5 million in equity financing to support product development and team growth. Funding was announced at an event at Eigen’s Fredericton headquarters and included participation from public and private investors. Eigen Innovations is a Fredricton-based company that provides software solutions for the Industrial Internet. It built a patented multi-dimensional non-linear software algorithm that leverages "big data" information from industrial equipment to provide control input into the key devices that operate the manufacturing process. The algorithm's optimization capability is intended to deliver more efficient manufacturing operations with improved productivity, increased quality, and lower costs. The company leverages talent and resources from the University of New Brunswick’s faculty of engineering. Eigen received part of a $150,000 convertible-note investment from the Business Development Bank of Canada (BDC) allocated across three graduates of the Launch36 accelerator. CEO Richard Jones said the public BDC note provides validation and helps in the company's search for new investors. Under the BDC notes, if startups earn the money back through customer revenue the note acts as a loan; otherwise the BDC could seek to recover its investment against company assets.

Total raised

$6M

Funding rounds

3

Latest round

Equity

Latest activity

Oct 2024