LMI Technologies (LMI) announced the acquisition of FringeAI, an innovative AI and IIoT/5G inspection company based in Boston, Massachusetts. The company delivers a software suite that leverages integrated deep learning, dedicated edge devices, and IIoT/5G connected cloud services, to deliver AI-based solutions across many markets. The company will be integrated into the LMI group of companies with FringeAI forming a new AI Solutions group. TKH Group N.V., shareholder of the LMI Group of companies, finances the transaction from existing resources and expects that the acquisition will have a positive impact on earnings per share in 2021.
Many manufacturing companies suffer from low yield, high operating expense, and now pandemic risk exposure. Traditional inspection methods such as rule-based computer vision and manual visual inspection are unable to deliver the precision, scalability, and cost-efficiency required to solve today’s quality assurance challenges. Many customers believe that AI can help, but do not have the knowledge or resources to tackle implementation.