On 29th of February 2024, Kumpulan Modal Perdana (KMP) announced its successful investment in SmartRetail. KMP is a Malaysian Government-owned tech-focused capital venture. SmartRetail – the Singapore-based computer vision AI profiling solutions company.

 “With KMP’s expertise and partnerships, we hope to secure a strong presence in the Malaysian market and beyond. Our strategic collaborations and continued success in global deployments underscore the growing demand for SmartRetail’s revolutionary solutions in the retail industry,” said Adam So, Founder and Chief Executive Officer of SmartRetail.

SmartRetail, in a statement said the company’s funding round is also joined by LMI Group Inc., which is one among the largest retail solutions company in Japan & MCP Group – which is Asia’s leading asset management company. As per the statement, the funds as well as the expertise from this round of funding will be utilized by SmartRetail for driving its strategic global expansion.

“KMP is proud to support SmartRetail in its global expansion. As we know, the booming tech sector requires innovative solutions as well as the right talents to solve modern problems, and KMP is committed to assisting high-prospect companies like SmartRetail to expand,” said KMP Chief Executive Officer Yarham Yunus.

The power of Artificial Intelligence is undeniable in the present rapidly evolving world. Across sectors Artificial intelligence has emerged to be an indispensable tool, and this is owing to the unparalleled advantages that it renders like automation, reduction in cost, time saving as well as predictive capabilities. Computer vision which is one of the most prominent subset of Artificial intelligence is dedicated completely in empowering machines with their capability of comprehending and interpreting visual data from the surrounding environment.

A Grand Review Research report stated that the PC-based computer vision systems landscape dominated the computer vision market with over a share of fifty-two per cent in the year 2021. Through this we can understand the not just the adoption of computer vision but also the recognition of its immense potential. Also, according to industry experts the growth trajectory will go upwards registering a CAGR of 7 per cent until 2030. The collaboration of Artificial intelligence & computer vision is reshaping innumerable industries right from manufacturing to healthcare to retail & transportation. In this article let us look how computer vision is transforming industries.

Enhancing patient care & diagnosis

Artificial intelligence & computer vision are changing the healthcare sector by revolutionizing patient care & diagnosis. Based on the treatment as well as disease histories of patients, computer vision tools along with mobile applications facilitate both monitoring of patients as well as identification of potential risks. Medical imaging data such as MRIs as well as CT scans can also be analyzed by Artificial Intelligence which would result in faster as well as accurate diagnoses. The anomalies can be detected by computer vision algorithms and outcomes can be predicted which also comprise the estimation of treatment costs based on jaw images.

Computer vision helps in surgery by transforming MRIs of broken bones into 3D models. These models can be visualized by surgeons by using augmented reality glasses, enhancing surgical planning & decreasing the invasive procedure.

Pearl is a company that focuses on solving problems that are challenging in the dental industry. The company was established with an aim that Artificial Intelligence can be the trust-worthy kith of patients and assistant to dental practitioners. It recently launched a computer vision platform that is capable of identifying pathologies mere seconds immediately post scanning the dental x-rays.

Quality Control and Automation

In the manufacturing sector computer vision plays a crucial role in quality control. It does this by making use of multispectral sensors as well as cameras. Product materials are being analyzed by computer vision, defects are detected and it also makes sure of uniformity & building detailed mesh models. Such technology enhances the process of recycling by leveraging automatic trash sorting, and facilitating in cost reduction.

Computer vision also improves worker safety by monitoring the equipment & detecting safety breaches. It not only identifies violations but also notifies supervisors & helps in avoiding accidents. Also, detecting of unusual behavior on manufacturing lines helps in quick decision making & reduced downtime.

MakinaRocks offers Artificial Intelligence based production monitoring solutions for the manufacturing industry. The company has leveraged computer vision technology for detecting defects in the manufacturing process through which equipment failures as well as product defects can be detected during manufacturing.

Advancing Autonomous Systems

Tesla – the company offering autonomous driving systems leverage computer vision algorithms. Computer vision helps in enhancing road safety & automating transportation systems by not only helping in analyzing the road situations, but it also tracking vehicles & pedestrians & predicting their movements.

Computer vision-powered cameras render a 360-view when installed in the parking areas and this can help in facilitating easier & safer parking maneuvers. Integrating parking cameras along with car cameras will help in transforming parking systems which would help in automatic parking without much intervention of humans.

Computer vision is one of the rapidly advancing segments which has a huge impact on numerous sectors. Computer vision offers new possibilities for automation, innovation as well as efficiency by facilitating machines to interpret visual data, track movements & recognize objects.

UVeye, one of the pioneers in automated vehicle inspection systems development for the automobile sector, has built innovative vehicle inspection systems which incorporate advanced AI, ML and computer vision with an aim to power a drive-through inspection system.

“UVeye’s goal is to both revolutionize and standardize how the auto industry detects vehicle damage and mechanical issues,” said Amir Hever, CEO and co-founder, UVeye.

Computer vision continues to play a huge and crucial role in our day-to-day lives regardless of challenges that include robustness to lighting variations as well as ethical considerations around privacy & algorithmic bias. As technology advances computer vision can help in transforming the way humans interact with machines, perceive the environment & solve problems that are complex, leading to a new decade of innovation & progress.