Mariner Completes Series A Investment Round

CHARLOTTE, N.C., March 1, 2022 /PRNewswire/ -- Mariner today announced it has successfully closed its Series A funding round. Mariner uses Deep Learning Artificial Intelligence to lower its manufacturing customers' Total Cost of Quality through its Spyglass family of solutions, including Spyglass Visual Inspection and Spyglass Assembly Verification. Spyglass Visual Inspection works in conjunction with manufacturing machine vision defect detection systems to dramatically improve defect detection and eliminate false rejects while reducing labor costs and increasing throughput. Spyglass Assembly Verification is used by high-mix, low-volume (HMLV) manufacturers of high-value articles, like commercial trucks and heavy equipment, to ensure that the articles are properly assembled, dramatically reducing labor costs, speeding up production, and eliminating costly and time-consuming mis-assemblies.

Philip Morris, CEO of Mariner, is pleased with the partnerships that Mariner has made to complete the round – and excited about Mariner's future.

"Manufacturers spend an average of 30% of their revenue making defective products. Mariner leverages AI, IoT, and Cloud to help them significantly reduce this cost while creating competitive advantage, reducing costs to end customers, and improving sustainability. This funding will help us bring these benefits to manufacturers worldwide as we continue our growth," said Morris.

The Series A round was led by Verstra Ventures. Karl Schabas, Verstra Venture's Managing Director, is also excited about Verstra's investment – and about Mariner's future.

"We are eager to support Mariner as they look to transform quality control within the manufacturing space," said Schabas. "We are confident that Mariner's team has the skills, experience, and vision to transform the outdated manufacturing tech market."

About Mariner

Mariner is a U.S.-based company on a mission to help its manufacturing customers reduce their total cost of quality. Its Spyglass family of solutions, which focus on improved defect detection and reduced labor, scrap, and other Quality costs, have been installed in factories across the Americas and Europe. Mariner is Microsoft's global 2020 Partner of the Year for IoT, and is also a Microsoft Gold Partner, and a member of Intel's IoT Alliance. For more information, visit https://www.mariner-usa.com.

About Verstra

Verstra Ventures invests in exceptional founders who are building enduring software companies. Through our capital, network, and extensive knowledge of building and managing vertically-focused software businesses, we help our portfolio companies scale in a fast, sustainable way. Our belief is that the more focused and obsessed a company is with solving a major problem for a particular customer, the more successful they will be. To learn more about Verstra Ventures, please visit: https://verstraventures.com/

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SOURCE Mariner