Start-up Quilter raises $10m with bet on AI to cut time to design parts
Quilter’s technology becomes better at building circuit boards over time and the company plans to completely automate the process
13 February 2024 - 15:15
byMax Cherney
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
San Francisco — Circuit board design start-up Quilter announced on Tuesday that it had raised $10m, saying it would use artificial intelligence (AI) to reduce the time to design components that power electronics in rockets, computers, smartphones and other devices.
The $10m Series A round was led by one of Silicon Valley’s most storied venture capital firms, Benchmark, which made early bets on eBay, Uber, Snap and Meta Platforms’ Instagram. The company did not disclose the valuation.
The Los Angeles-based company’s software uses a form of AI similar to what Google employed to defeat a Chinese grandmaster at the ancient game of Go. Quilter’s technology becomes better at building circuit boards over time and the company plans to completely automate the process.
“Just because [software] got to 90% completion doesn’t mean it did 90% of the work,” Quilter CEO Sergiy Nesterenko said. “That remaining 10% of the work that is left is really, really difficult.”
Fully automating circuit board design will speed up the process from months to weeks or days, Nesterenko said. There are also ways to reduce costs and increase the efficiency of boards.
The market for printed circuit board design is roughly $40bn to $50bn and will continue to grow substantially, Nesterenko said. Labour costs now account for the majority of that spending.
Founded in 2019, Quilter has 12 employees, who work remotely.
Chip software tool maker Cadence Design Systems has a circuit board business, as do others such as Altium and Autodesk. While they use software for some steps in circuit board design, much of it remains manual, Nesterenko said.
The Benchmark general partner who led the investment, Eric Vishria, took a board seat at Quilter, as is typical with the firm’s investments.
The Menlo Park, California venture firm became interested in Quilter because the number of electronics in the world is rapidly increasing, and AI has developed the potential to fully automate the circuit board design process, Vishria said.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Start-up Quilter raises $10m with bet on AI to cut time to design parts
Quilter’s technology becomes better at building circuit boards over time and the company plans to completely automate the process
San Francisco — Circuit board design start-up Quilter announced on Tuesday that it had raised $10m, saying it would use artificial intelligence (AI) to reduce the time to design components that power electronics in rockets, computers, smartphones and other devices.
The $10m Series A round was led by one of Silicon Valley’s most storied venture capital firms, Benchmark, which made early bets on eBay, Uber, Snap and Meta Platforms’ Instagram. The company did not disclose the valuation.
The Los Angeles-based company’s software uses a form of AI similar to what Google employed to defeat a Chinese grandmaster at the ancient game of Go. Quilter’s technology becomes better at building circuit boards over time and the company plans to completely automate the process.
“Just because [software] got to 90% completion doesn’t mean it did 90% of the work,” Quilter CEO Sergiy Nesterenko said. “That remaining 10% of the work that is left is really, really difficult.”
Fully automating circuit board design will speed up the process from months to weeks or days, Nesterenko said. There are also ways to reduce costs and increase the efficiency of boards.
The market for printed circuit board design is roughly $40bn to $50bn and will continue to grow substantially, Nesterenko said. Labour costs now account for the majority of that spending.
Founded in 2019, Quilter has 12 employees, who work remotely.
Chip software tool maker Cadence Design Systems has a circuit board business, as do others such as Altium and Autodesk. While they use software for some steps in circuit board design, much of it remains manual, Nesterenko said.
The Benchmark general partner who led the investment, Eric Vishria, took a board seat at Quilter, as is typical with the firm’s investments.
The Menlo Park, California venture firm became interested in Quilter because the number of electronics in the world is rapidly increasing, and AI has developed the potential to fully automate the circuit board design process, Vishria said.
Reuters
Build sovereign AI infrastructure, Nvidia CEO advises countries
Arm share price soars as AI boom brightens outlook
PODCAST | Defining AI business-use cases in 2024
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Related Articles
SMIC blames weak demand for profit plunge
Microsoft introduces its first custom AI chips
Record chip orders for ASML but outlook for 2024 remains same
JOHAN STEYN: AI at your fingertips: the future of on-device intelligence
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.