Mitsubishi Electric Corporation announced on July 7 that its ME Innovation Fund has invested in Things, a Japan-based startup that develops and provides AI-assisted product lifecycle management (PLM) systems for the manufacturing industry.
This startup specialises in comprehensive document management, covering everything from product planning and development to disposal. According to the company, this marks the 12th investment made by Mitsubishi’s fund to date.
Through this investment, Mitsubishi Electric aims to combine its extensive manufacturing and control expertise with Things’ generative AI technology. The goal is to accelerate the development of digital transformation (DX) solutions that tackle various challenges facing the manufacturing industry.
In recent years, Japan’s manufacturing sector has encountered several challenges, including labour shortages and the ageing of skilled technicians, which hinder the transfer of expertise. In response, DX initiatives, such as the implementation of PLM and other digital systems, have progressed rapidly. However, these initiatives have faced challenges related to development time, cost, usability, and scalability.
Komi Matsubara, an executive officer at Mitsubishi Electric Corporation, stated, “Through our collaboration with Things, we expect to generate new value by integrating our manufacturing expertise with Things’ generative AI technology. We aim to leverage this initiative to enhance the overall competitiveness of the Mitsubishi Electric group.”
Things launched its ‘PRISM’ PLM system in May 2023, utilising generative AI to improve the structure and usage of information in manufacturing. PRISM offers significant cost and scalability advantages, enhancing user interfaces and experiences while effectively implementing proofs of concept across a wide range of companies.
Atsuya Suzuki, CEO of Things, said, “We are pleased to establish a partnership with Mitsubishi Electric through the ME Innovation Fund. By combining our technology with Mitsubishi Electric’s expertise in manufacturing and control, we aim to accelerate the global implementation of pioneering DX solutions for manufacturing.”
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