ELROILAB, a Specialist in Hyperspectral-based AI Solutions, Raises $4 M in Series A Funding

ELROILAB(엘로이랩), a specialist in deep learning AI solutions based on hyperspectral technology, has raised $3.8 million (KRW 5 billion) in Series A funding. This brings ELROILAB’s cumulative funding to approximately $5.3 million (KRW 7 billion). An additional $750,000 (KRW 10 billion) is in multiple closings, bringing the total Series A funding to $4.5 million (KRW 6 billion).

The round was led by Woori Venture Partners, with participation from Shinhan Capital, ETRI Holdings, Bilanx Investment, Korea Biotech Investment Capital (KBIC) and MAGNA Investment. The deal also includes an investment decision by Pulmuone through KBIC, which is expected to lead to future collaborations in the food sector.

ELROILAB’s hyperspectral AI technology has been recognised in the food industry and is being actively adopted by various food companies as a solution for ‘Foreign Object Identification and Quality Control’, and various collaborations are being explored to introduce the technology in the secondary battery, pharmaceutical and recycling sectors.

In October, ELROILAB was awarded an investment grade Tech Credit Bureau rating of TI-3 by SCI Ratings & Information, which states that “this is the level of excellent future growth potential with excellent technology based on a good growth potential market”. In addition, ELROILAB’s technological competitiveness and capabilities continue to be validated as various contaminant sorting and quality control solutions implemented in existing food conglomerates have been recognised for their effectiveness and decisions have been made to implement them in additional food production lines.

“With this Series A investment, we are pleased to have secured the necessary funds to optimise our hyperspectral AI solution technology and expand our research capabilities,” said Kwangsun Yoo, CEO of ELROILAB. “We will continue to actively pursue our vision of ‘contributing to the creation of a clean world with new eyes to observe the stars of the universe’.