Quilter, a circuit board design startup based in Los Angeles, has recently announced that it has raised $10 million in a Series A funding round. The company aims to revolutionize the electronics industry by using artificial intelligence (AI) to streamline the process of designing components for various devices such as rockets, computers, smartphones, and more.
The funding round was led by Benchmark, one of Silicon Valley’s prominent venture capital firms. Benchmark has a history of making early bets on successful companies like eBay, Uber, Snap, and Meta Platforms' Instagram. The exact valuation of Quilter was not disclosed.
Quilter’s software utilizes a form of AI that is similar to the one used by Google’s AI system to defeat a Chinese grand master in the ancient game of Go. The technology progressively improves over time, enabling the software to effectively build circuit boards. Quilter aspires to fully automate the design process, reducing the time required from months to weeks or even days.
Sergiy Nesterenko, the CEO of Quilter, explains that the remaining 10% of the work required in circuit board design is particularly challenging. He emphasizes that reaching 90% completion does not equate to completing 90% of the work. By automating the design process, Quilter aims to not only accelerate production time but also reduce costs and increase efficiency.
According to Nesterenko, the market for printed circuit board design is estimated to be around $40 billion to $50 billion and is expected to grow substantially. Currently, a significant portion of the spending in this market is allocated to labor costs. By automating the design process, Quilter aims to disrupt this model and offer a more efficient and cost-effective solution.
Quilter, founded in 2019, currently employs 12 remote workers. While there are other companies in the market, such as Cadence Design Systems, Altium, and Autodesk, that offer circuit board design tools, much of the process is still manual. Nesterenko believes that the industry is ripe for disruption, and Quilter’s use of AI technology positions them as a frontrunner in the field.
Eric Vishria, a general partner at Benchmark who led the investment, will also take a board seat at Quilter, as per the firm’s typical investment practice. Vishria explains that Benchmark became interested in Quilter due to the exponential growth of electronics worldwide and the potential of AI to fully automate the circuit board design process.
With its recent funding, Quilter is poised to make significant strides in revolutionizing the electronics industry. By harnessing the power of AI, the company aims to create a more efficient, cost-effective, and automated circuit board design process that will impact various sectors, from aerospace to consumer electronics. As technological advancements continue to shape the future, Quilter is at the forefront, paving the way for a new era in electronics manufacturing.
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