InnoVEX 2023 Winner – Blumind Amplifies Devices and Sensors with AI
2023-10-30
AI has grown to be included in various hardware and devices to enable new functions or improve existing capabilities. While the use of generative AI has risen to be the main focus in 2023, there's another major initiative in the electronics industry to use AI applications to enhance the user experience. This is one of the main ways that companies can differentiate their products from their competitors.
As the winner of the Pitch Contest Grand Prize and Startup Terrace Award, Blumind's all-analog solutions enhance devices and hardware with low latency and total system cost. By integrating their solutions, manufacturers can enable real-time data processing, power-efficient solutions, and seamless integration into a variety of smart mobility, smart home, industrial, health monitoring and consumer wearable applications. In October 2023, the InnoVEX team had a chance to interview Blumind on their technology and their experience in attending InnoVEX.
"Blumind was founded with the goal of creating the world's most efficient AI processing semiconductors. We recognized a significant challenge facing AI deployment in many applications related to the exponential growth in energy consumption for machine learning." said Mr. Niraj Mathur, Co-Founder & COO of Blumind.
With a wide spectrum of possible applications and use cases, Blumind currently focuses on their all-analog compute solutions for edge AI applications which are primarily contained in smart devices and smart sensors. Smart devices and smart sensors not only collect and transmit data, but can also process data and make decisions on the device to enable faster response and better power efficiency. Blumind aims to reduce power consumption in these devices without negatively affecting their performance or costs. "Our first products will target these applications by reducing power consumption to micro-watt levels without compromising on latency or cost. In the future, we will target emerging use-cases such as robotic natural movement processing and scale our technology to support larger neural networks in environments such as edge data centers."
The high value semiconductor market can be a challenge for startups due to its capital-intensive nature and its high R&D requirements which is typically the main advantage of semiconductor giants such as TSMC, UMC, Micron, Mediatek, Realtek, etc. However, this does not mean that startups should stay away from semiconductor markets. In the interview, Mr. Mathur highlighted one of the main advantages that startups have over corporations, which is agility. "The primary challenge with developing innovative new semiconductor technology is that it is capital intensive and it takes years to develop and confirm product-market fit. Without the inertia of a larger company, startups are ideally suited for these technologies as they're efficient and nimble. They can achieve better progress with a smaller budget and less time as well."
According to Global Market Insights, the market size for the edge computing market in 2022 was valued at USD 9.1 billion. With a forecasted CAGR of 34.3%, the entire market is expected to reach USD 157.7 billion. The main growth factors for this market include the increased adoption of IoT devices, growing 5G investments, more adoption of autonomous vehicles, and more. This macro trend is and will certainly help the niche of semiconductors that Blumind is exploring.
Joining the InnoVEX 2023 Pitch Contest provided Blumind with opportunities to connect with various innovative companies and attendees. They also met with current and future investors after the Pitch Contest. "Many of our investors and potential investors noticed our recognition at the pitch contest. It definitely helped raise the profile of Blumind in the industry." Mr. Mathur said.
Blumind is currently working on their first high-volume commercial product which they aim to launch by InnoVEX 2024. They are also actively engaging with an experienced local Taiwanese representative for Blumind. Blumind has also joined Startup Terrace and joined the TIE expo in October 2023 to accelerate their engagements with Taiwanese customers, suppliers, and investors.
For startups interested in joining InnoVEX 2024, Mr. Niraj Mathur shared the following message: "Other companies should certainly consider attending InnoVEX to expand their footprint in Asia and gain broad exposure in the electronics industry."
As one of the main events in InnoVEX, the Pitch Contest provides startups with an opportunity to introduce their solutions as well as connect with potential investors, users, and buyers. For startups thinking of joining the next InnoVEX Pitch Contest, Mr. Mathur has this suggestion: "The time constraint forces you to distill the most important aspects of your business into your pitch. Do take the time to rehearse it with others to gauge how an audience would receive your presentation."
Startups and teams interested in joining InnoVEX 2024 can enjoy the early bird pricing by signing up before January 31, 2024. Register here:
>>> https://innovex.computex.biz/show/registration-info.aspx.
Watch the InnoVEX 2023 recap video here:
>>> https://www.youtube.com/watch?v=IudQ_9QUSKM
About InnoVEX
Started in 2016, InnoVEX is a startup-focused exhibition organized by the Taipei Computer Association (TCA) and the Taiwan External Trade Development Council (TAITRA). Positioned as the innovation hub of Asia, InnoVEX is held alongside Asia's leading ICT B2B Tradeshow, COMPUTEX, to connect startups and their innovations to global VCs, CVCs, manufacturing partners, buyers, and media.
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