Cognex Corporation

Machine vision is Cognex's entire business. The company makes the cameras, sensors and software that factories use to read barcodes, inspect parts for defects, verify that assemblies are complete and guide robots to the right spot. Robert Shillman, an MIT lecturer, started it in 1981 with two graduate students, and the name is short for cognition experts. Its customers run the gamut of automated manufacturing, from carmakers and electronics assembly lines to logistics warehouses sorting packages. That ties Cognex tightly to the capital-spending cycles of its buyers, so revenue swings with factory investment in autos, consumer electronics and warehouse automation.

The long-term case rests on a simple trend: more of the world's production is being automated, and automated lines need eyes. Cognex sells the eyes, and its installed base and application libraries make it hard for a new line to switch away.

On MyRWA, CGNX trades tokenized across 5 on-chain venues - see the listings below.