Momenta invests in Minds.ai
Minds.ai, a company applying AI to semiconductor manufacturing optimisation and autonomy, has secured a significant investment from Momenta.
Through the investment, Momenta is looking to accelerate the transformation of semiconductor manufacturing and the company believes that Minds.ai is poised to revolutionise semiconductor manufacturing by driving significant productivity and waste reduction advancements.
As is well known in the industry, building and outfitting a new fab can cost as much as USD 20 billion. The latest fabs are heavily automated, with highly skilled workers augmented by robust software systems.
The amount of transistors produced in a year by the semiconductor industry dwarfs the yearly production of any other goods produced by another industry. Nothing comes close in volume.
Semiconductor device makers have already begun their journey to generate value with AI. McKinsey believes that AI can contribute between USD 5 billion and USD 8 billion annually to earnings before interest and taxes across the industry. Within the next few years, AI could generate over USD 35 billion in value annually, and over the longer term, AI could contribute over USD 85 billion. It should however be noted that it is believed that the largest share of value creation will come from using AI is the reduction of semiconductor manufacturing costs and the move to Autonomous manufacturing. With this in mind, Momenta decided to invest in Minds.ai.
"Minds.ai is privileged to count Momenta among our investors and board members, given their deep passion and engagement in smart manufacturing," says Sumit Sanyal, Founder and CEO at minds.ai in a press release.
Through AI and machine learning, Minds.ai's products are designed to address complex scheduling and resource allocation challenges faced by professionals in the industry.
Michael Dolbec, Managing Partner of Momenta, adds, "Minds.ai is pioneering deep commercial use of deep reinforcement learning for fab automation, with the potential to save hundreds of millions through productivity gains and waste reduction. They have a significant opportunity to transform semiconductor manufacturing."
The new funding aims to enable Minds.ai to extend its library of AI-enabled applications and expand its solutions to more fabs and geographies.