AI Hyperspectral Quality Inspection Startup 'EloyLab' Secures 2.5 Billion KRW Investment from NongHyup Bank

[Photo by Eloy Lab]

AI hyperspectral quality inspection startup ‘EloyLab,’ leading innovation in foreign substance inspection, announced that it has secured 2.5 billion KRW in Series A bridge investment from NongHyup Bank, NH Investment & Securities, and Crossroad.

EloyLab’s quality inspection system, which combines hyperspectral wavelength technology and artificial intelligence AI to identify foreign substances with 99% accuracy, is dominating the market with its outstanding detection capability and innovative efficiency, especially in foreign substance inspection within the agriculture and food industries. NongHyup Bank’s participation in the investment is expected to strengthen EloyLab’s position in the agriculture and food sectors and accelerate the industry’s transition toward ‘digital quality management’ and ‘maximized efficiency.’

EloyLab is a startup that developed an ‘automated quality inspection system’ by combining hyperspectral technology and artificial intelligence. EloyLab’s system monitors and inspects quality in real-time during the production process, greatly contributing to quality improvement and defect rate reduction. In addition to NongHyup Bank’s investment, investments from leading domestic food manufacturers have enabled EloyLab to quickly understand customer requirements and provide solutions, leading the digital innovation of quality management in the agriculture and food industries.

Along with the investment participation, NongHyup Federation plans to review the introduction of EloyLab’s system at the ‘NongHyup APC Center’ and ‘NongHyup Food Factory.’ This is expected to improve the quality of verified production processes and provide safe agricultural and food products to consumers.

A representative from the investor NongHyup Bank expressed expectations, stating, "EloyLab’s innovative AI quality inspection technology will set a new standard for quality management in agriculture and food, playing a crucial role in improving quality and productivity at NongHyup Food Factory."

Yoo Kwang-seon, CEO of EloyLab, said, "With NongHyup Bank’s investment, we will accelerate technology development and business expansion," adding, "Starting with the delivery of EloyLab’s AI quality inspection system to the NongHyup APC Center and NongHyup Food Factory, we aim to contribute to quality improvement in the domestic agriculture and food industry and are considering expanding our business into various industries such as secondary batteries, pharmaceuticals, and recycling, which require high-level foreign substance detection."

NongHyup Bank’s investment in EloyLab is seen as an important milestone in integrating AI technology into the agriculture and food industries, serving as a catalyst to accelerate digital innovation in quality management within agriculture and the food industry. Furthermore, EloyLab’s innovative AI hyperspectral quality inspection is expected to play a pivotal role in quality management and productivity enhancement in the domestic and international agriculture and food sectors in the future.