Mitsubishi Electric Backs AI Startup Things, Inc. to Boost PLM Systems
Mitsubishi Electric Corporation, a major Japanese electronics and electrical equipment manufacturer, has invested in Things, Inc., a Japan-based startup focused on AI-driven product lifecycle management (PLM) solutions. Things develops AI-assisted PLM systems that streamline document management across product planning, development, and disposal phases.
Fueling Digital Transformation in Manufacturing
The investment comes from the ME Innovation Fund, a corporate venture capital fund created in 2022 by Mitsubishi Electric and venture capital firm Global Brain. The fund targets startups working in digital and green innovation worldwide. Things recently secured approximately ¥320 million (around $2.2 million) in its latest funding round, which also attracted investment from Keyence, a leader in factory automation.
Things plans to use the capital to enhance its products and expand its team. Mitsubishi Electric aims to combine its manufacturing experience with Things’ generative AI technology to speed up development of digital transformation tools for manufacturers.
Addressing Knowledge Loss with AI
Japan’s manufacturing sector is grappling with labor shortages, an aging workforce, and the challenge of tribal knowledge loss—similar to issues faced in the U.S. While digital tools have attempted to fill these gaps, they often struggle with timely deployment, cost control, usability, and scalability.
Things launched its Prism PLM system in May 2023. This cloud-based platform uses generative AI to centralize dispersed product knowledge and deliver actionable insights. For instance, it automatically classifies and organizes drawings, reports, and forms, integrating them into bills of materials (BOMs) for easier access and management.
For product development professionals looking to enhance their skillset in AI applications within manufacturing, exploring relevant AI automation courses can provide practical knowledge on integrating such technologies into workflows.
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