MOF’s KMP invests in Malaysian computer vision startup, Evlos

• Undisclosed investment amount to scale team and R&D to support growth
• Evlos offers AI-powered quality inspection solutions for various sectors

[Ed: Caption edited for accuracy. An earlier version wrongly identified Shankar.]

Kumpulan Modal Perdana (KMP), the tech-focused venture capital owned by the Minister of Finance (Inc), announced last week that it has invested in Evlos, a provider of end-to-end AI-powered computer vision solution for automated quality inspections. KMP has emerged as Evlos’ most recent investor where the funding will be utilised to expand its team to support its growth trajectory.

Founded and developed in Malaysia, Evlos’s core focus is providing AI-based solutions through their cutting-edge zero-code computer vision software and automation hardware to empower manufacturers to completely automate and streamline their quality control (QC) inspection. Evlos’s advanced solutions can significantly benefit companies that still rely on manual labour for QC detection of their products and materials by reducing labour costs and increasing accuracy and efficiency.

Shankar Ramanathan, CEO of Evlos, shared, “KMP’s funding as well as its expertise and extensive network in Malaysia, it serves as a testament to KMP’s trust in our potential, validating our hard work. We are committed to fostering strategic business growth and empowering Malaysia’s manufacturing industry with accessible, high-quality computer vision and automation technology to automate their quality inspection. We also look forward to equipping more SMEs across different industries with our effective solutions so they can scale up their businesses without compromising quality. We are grateful for KMP’s support and we hope that this funding will catalyse our growth further”.

Founded in 2019 as Cedar Technologies Sdn Bhd, the company was recently rebranded to Evlos Sdn Bhd in 2022.

Evlos develops its end-to-end solutions in-house, from designing, and manufacturing to programming with the Evlos Vision software integrated with real-time analytics to explore accurate detection during the production of complex products. Along with its unique 24/7 sales support, Evlos stands out in the market by offering top-of-the-line solutions without sacrificing quality

Yarham Yunus, KMP CEO said, “KMP is thrilled to be supporting such an innovative company  and to be a part of an enterprise leading the development of comprehensive solutions for quality inspection automation across sectors. We strongly believe in Evlos’ potential to grow further in the market, being the only establishment to offer a fully integrated in-house solution for quality inspection automation at a competitive price. Our vision is to ensure that the team behind Evlos can scale alongside their business in the coming years.”

With the Global Defect Detection Market showing an estimated growth of 6.6% in CAGR by 2027, Evlos says ompanies are beginning to see how their recurring problems can be solved with the help of technology where defect detection can help minimise defects in manufactured goods, contributing to a reduction of waste in cost and resources.

Evlos helps by providing no-code AI-powered computer vision solutions with an extensive and integrated library of tools for a wide range of use cases suited for all industries.