Trinity, an industrial code reading and sensor manufacturer, recently received tens of millions of yuan in angel investing, 36Kr reported on July 20. The investor was Sequoia China Seed Fund with the funds earmarked for factory construction, product quality control management and supply chain system construction.
Trinity was founded in 2019 and focuses on the development of image processing algorithms and the design of code reading products for new energy, automotive, warehousing, intelligent logistics, robotics and other industries. It provides common DPM industrial code readers, high-speed high-performance industrial code readers and cost-effective code reading modules.
According to Grand View Research, the global market size of code readers was about $7 billion in 2021 and it is expected to reach $11 billion in 2028, with a compound annual CAGR of 6.7%. The Asia-Pacific region dominated the code reader market in 2020, accounting for 40% of the global market share.
According to Zhang Suning, founder of Trinity, the industrial code reader currently used throughout the Chinese manufacturing industry is still dominated by imported brands. Trinity takes the code reader as its entry point yet continues to expand its product series. Based on the ability of vision algorithms and hardware design, coupled with the advantage of local enterprises’ service speed over foreign brands, the company still has the opportunity to become a leading local vision sensor company that can compete with foreign manufacturers.
The core advantage of Trinity’s code reader is that it combines neural networks and traditional algorithms. After a large amount of data training, the neural network can abstract the texture characteristics of a 2D code or barcode and then use AI to roughly locate the necessary information. Finally, the traditional algorithm is used to conduct high-speed screening for precise positioning which helps substantially improve decoding efficiency.
Following the financing, Trinity will set up factories in Nanjing and Ningbo. At present, the company intends to cooperate with more than a dozen agents, mainly distributed in East China, South China and Western China.