Covision Quality wins Cowen Startup Challenge at Automate 2022

Covision Quality wins Cowen Startup Challenge at Automate 2022

Covision Quality walked away with the $10,000 top prize in “The Cowen Startup Challenge: Automate to Outperform” competition at the Automate 2022 trade show and conference last week.

The South Tyrol, Italy-based company creates software using machine learning and computer vision which then scales and automates “visual inspection and defect inspection on metals and plastics,” according to its website. The startup is a spin-off of Covision Lab and is backed by seven multinational technology companies, including Durst, Microtec, alupress, TTControl Hydac International, Microgate, Mirco Photon Devices, and Barbieri.

Covision Quality revealed that its customers include manufacturers in the “downstream industry,” including GKN Powder Metallurgy and Aluflexpack, while its partners include NVIDIA, the German AI Association, Tum.ai, and iMAGE S.

Covision Quality has made a lot of strides in the nearly three years since its founding, said Franz Tschimben, CEO of Covision Lab.

The software company said it takes advantage of technologies such as deep learning, 3D modeling, and image processing to complete its work.

Tschimben said the main key performance indicators (KPI) Covision focuses on include reduction of scrap rate and deployment speed.

Covision Quality was one of 10 startups that competed in the Cowen Challenge. Others included Aivero AS, FLX Solutions, INNOCISE GmbH, InOrbit Inc., Neurocle Inc, NINOX 360 LLC, Quotebeam Inc., Scalable Robotics Inc., and Voaige.

Each of the companies nominated has raised less than $5 million since they were founded. Although there was only one winner, each of the finalists was given exhibit space on the Automate show floor. As part of the contest, each of the companies had to pitch their technologies to a panel of judges at the show.

The competition was sponsored by Cowen Inc., an independent investment bank. The multinational company is based in New York.

Tschimben said the company came to Automate “with a specific goal to win the competition in order to generate visibility in the U.S. market.”

Covision Quality said it plans to use the $10,000 to cover some of its expenses, though Tschimben noted the biggest benefit of being recognized is the marketing value. He said the company is in the process of doing its first installation in the U.S.

The company also attended the show hoping to generate partnerships with systems integrators.

“When we go to a new production line, we would love to partner up with system integrators who have experience in setting up systems for whole production lines,” Tschimben said.