Based out of San Diego, Yembo is an AI visual survey software startup company that operates in the home-services industry. Through the use of 3D computer vision, robotic algorithms, and advanced deep learning, the business specifically helps moving and relocation companies recognize furniture, rooms, and appliances to determine weight and dimensions for items.
Furthermore, the AI patented technology created by the startup company utilizes robotic algorithms similar to those used by NASA. The algorithms are able to determine how many items there are of each piece of furniture or appliance.
In addition, the AI business has reduced the need for moving or relocation companies to visit people’s homes as customers can take videos using the platform. As a result, relocation and moving companies are able to save time and money and properly prepare for transportation or resale.
Moving services like Atlantic Relocation Systems, Tier One Relocation, DeWitt Move Worldwide, and several others are all customers to the visual survey AI platform created by Yembo.
$8.5 Million Series A
The AI business announced it raised $8.5 million in a Series A financing round led by Imagen Capital Partners. Chris Barrow and John Polchin, general partners at Imagen Capital Partners, will join the Board of Directors at Yembo. A valuation for the business has not been disclosed to date.
The company said in a press release that the startup company experienced rapid growth last year with an increased roster of customers, executive and senior technology appointments, and some market momentum. Official numbers were not revealed in the press announcement.
However, Sid Mohan, CEO of the business, said in an interview that demand surged in 2020 as a result of the COVID-19 pandemic as companies started exploring remote surveying tools giving Yembo a five times growth in adoption.
While the startup company has found success in one industry, it is looking to increase revenue by exploring new categories and offering more services to clients. With the new capital, Yembo plans to increase efforts in the moving and relocation industry while also venturing into the insurance market — specifically interior claims processing and underwriting applications.
Of the new funding, Sid Mohan, CEO of the business, said in a statement, “...The adaptation of our solutions across the insurance ecosystem makes perfect sense...Having the financial support and expertise of the Imagen team will help us execute this vision more rapidly and broadly – and with the benefit of experience, perspective and relationships of a leading tech investor and former Insurtech operators.”
AI software has been implemented across a variety of industries including, insurance, finance, automotive, and more.
Grand View Research reported the global AI market was worth nearly $40 billion in 2019 and is projected to grow at a CAGR of 42.2% from 2020 to 2027. Furthermore, in 2019, Fidi Focus reported the global employee relocation management market was worth $31.5 billion and forecast to grow at a CAGR of 3% to 4% until 2021.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.