Praemo, a Kitchener, Ontario-based industrial operations performance solution, has closed a Series A financing, raising $3.5 million.
McRock Capital, a Canadian industrial internet-of-things venture capital firm, led the round. McRock’s Whitney Rockley will join the board.
Launched in 2017, Praemo is the developer of Razor, an analytics engine that leverages artificial intelligence to predict and prevent disruption in industrial operations.
The technology has so far been deployed in the automotive, industrial equipment manufacturing, injection molding, and food and beverage sectors.
Led by CEO Michael Martinez, Praemo will use the round’s proceeds to broaden its market reach, expand key partnerships, and further build out the Razor platform.
Praemo Raises $3.5m in Series A Funding for Razor™ Technology, Redefining the Future of Industrial Operations
McRock Capital led funding round to accelerate delivery of Praemo’s Artificial Intelligence (AI) powered and Industrial Internet of Things (IIoT) based technology
KITCHENER, ON, Aug. 22, 2019 /CNW/ – Praemo, experts in optimizing industrial operations, announces the $3.5 million Series A funding round for the company’s revolutionary Razor™ technology, led by McRock Capital. With this financing, Praemo will be well equipped to propel industrial operations forward with their proven AI-powered performance solution.
Founded by industry veterans, Praemo generates actionable insights from existing IIoT and operational data. The company’s Razor™ technology leverages Artificial Intelligence (AI) to deliver greater performance across industrial sectors, helping to improve the operational environments of its customers. Designed to be adaptive for a broad range of industries, the technology has been deployed in leading Automotive, Industrial Equipment Manufacturing, Injection Molding and Food and Beverage operations.
Very few companies understand how to apply advanced tools in a broad, sustainable and cost-effective way for industrial operations. “It was critical for us to validate the impact of our AI-based solution Razor™ in real operations before taking it to the broader market. Now that we’ve done that, closing this round with the team at McRock really validates not only the critical need for this solution, but the fact we’re delivering on the promise of Industry 4.0 and the IIoT,” says Michael Martinez, CEO and co-cofounder of Praemo.
“Rarely do we see an analytics company that has deep industry domain expertise combined with a laser focus on a key vertical market that they intimately understand,” says Whitney Rockley, co-founder and Managing Partner at McRock. “Praemo is throwing out the guardrails in algorithmic thinking and providing a tool that does not have artificial bias embedded in it. This improves accuracy and enables it to identify patterns and anomalies — delivered as actionable insights — that drive quality and throughput in ways we have never seen.”
Lean, AI-based solutions allow a broad range of industrial companies to take advantage of their existing data, despite the source or its inherent disparity, to create a step change in performance.
“We’ve been there – transforming industrial operations. We understand the problems front-line teams face in trying to digest huge amounts of data, turn it into action that can drive continuous improvement, and link it to a responsive supply chain. Add to that the reality of fewer operators and the rapid exit of the most experienced individuals, and we see AI as key to unlocking real value from all the data collected,” says Paul Boris, EVP and CRO of Praemo.
The investment will aid in accelerating the growth of Praemo — providing the company an opportunity to broaden its market reach, expand key partnerships and further build out its AI-based technology Razor™.
About Praemo —
Praemo is creating a future without disruptions by extracting the power of your data and turning it into actionable insights. Praemo was founded by industry veterans, and Razor™ was developed utilizing real world experiences to solve problems leveraging Artificial Intelligence/Machine Learning by providing a non-intrusive solution for our customers.
About McRock Capital —
McRock Capital is the first dedicated Industrial Internet of Things (IIoT) venture capital fund focused on the intersection of sensors and software in large industrial markets. The McRock team has a unique background of building high-growth venture-backed IIoT companies while also having worked in the power, water, oil and gas industries. McRock is backed by several leading institutional investors as well as Cisco Systems, Caterpillar and Électricité de France (EDF).
Visit www.mcrockcapital.com and follow on Twitter @McRockCapital.
LinkedIn: McRock Capital
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