Kumpulan Modal Perdana (KMP), the tech-focused venture capital firm owned by the Minister of Finance (Inc.), has announced its recent investment in Evlos, a provider of end-to-end AI-powered computer vision solutions for automated quality inspections. In this funding round, KMP emerged as Evlos’ most recent investor, with the funding aimed at expanding its team to support its growth trajectory.
Founded and developed in Malaysia, Evlos focuses on providing AI-based solutions through its cutting-edge zero-code computer vision software and automation hardware. These solutions empower manufacturers to automate and streamline their quality control (QC) inspection processes. By reducing labor costs and increasing accuracy and efficiency, Evlos aims to revolutionize QC inspections for companies still relying on manual labor.
Shankar Ramanathan, Chief Executive Officer of Evlos, expressed pride in welcoming KMP as their investor, saying, “Backed by KMP’s funding, expertise, and extensive network in Malaysia, it serves as a testament to KMP’s trust in our potential, validating our hard work.”
He emphasised Evlos’ commitment to fostering strategic business growth and empowering Malaysia’s manufacturing industry with accessible, high-quality computer vision and automation technology.
Originally founded in 2019 as Cedar Technologies Sdn Bhd and rebranded to Evlos Sdn Bhd in 2022, the company is dedicated to exploring and tapping into underserved markets, including SMEs, to bridge the gap in automation adoption in manufacturing. Evlos develops its end-to-end solutions in-house and offers 24/7 sales support, setting it apart in the market by providing top-of-the-line solutions without compromising quality.
Yarham Yunus, CEO of KMP, expressed enthusiasm about supporting Evlos, stating, “We strongly believe in Evlos’ potential to grow further in the market.” He emphasized KMP’s vision to ensure Evlos can scale alongside their business in the coming years.
Addressing Manufacturing Challenges through Automation
In recent months, the manufacturing sector has shown positive changes in adopting automation, especially in defect detection. The industry is gradually incorporating more technological advancements during manufacturing and quality control processes. This trend is evident in the estimated growth of the Global Defect Detection Market, showing a projected CAGR of 6.6% by 2027.
Manufacturers are increasingly recognising the benefits of automation in minimizing defects, reducing waste in cost and resources, and optimizing resources. Evlos’ AI-powered computer vision and automation solutions offer manufacturers improved operational efficiency, reduced labor costs, minimized errors, and enhanced productivity.
With Evlos’ solutions, manufacturers can access real-time data analytics and insights, improve processes with a user-friendly interface, and seamlessly integrate advanced defect detection and precise quality control into various inspection processes across industries.
The investment by KMP in Evlos reflects the growing significance of technology-driven solutions in addressing manufacturing challenges and enhancing efficiency across industries.
