Fero Labs, the Explainable Industrial Machine Learning software company, has announced the closing of a $9 million Series A round led by Innovation Endeavors, with participation from Deutsche Invest VC. This funding will support Fero Labs in expanding its product offerings to new sectors and ultimately push the industrial manufacturing community forward. The industrial sector has just begun to implement technologies into its processes to reduce waste and increase efficiency and profits.
More than half of leaders in the manufacturing and utilities sector expect artificial intelligence to control high-value assets such as industrial plants, equipment, machines and its processes in the next five years, according to Next-Gen Industrial AI – and due to the pandemic, the industry observed a steady increase in artificial intelligence and machine learning adoption across industries including energy, manufacturing, heavy industry, infrastructure, and transportation sectors.
“Fero Labs equips industrial manufacturing professionals — like process and chemical engineers — with cutting-edge machine learning capabilities. Fero gives these experts new abilities to identify root causes of issues, predict outcomes earlier on, and drive optimal performance in a dynamic environment,” said Sam Smith-Eppsteiner, Partner at Innovation Endeavors. “Not only does Fero Labs drive top-line throughput and bottom-line profitability for manufacturers, but the product also helps the world’s largest producers become more sustainable. They’re helping companies minimize emissions, increased recycled input, and reduce waste.”
Amid the COVID-19 pandemic and global industrial restrictions, Fero Labs grew 400% in 2020, emphasizing the increased need to create sustainable solutions for the entire industrial sector. After implementing Fero Labs, its customers saw an average increased profitability of 10%, while reducing emissions. Fero Labs’ software supports numerous industries including consumer goods, automotive, steel and chemical industries in particular through lighthouse users like Henkel, Volvo Trucks, Gerdau, and Covestro. The company was founded to connect the missing link of applying machine learning to the industrial world directly, and continues to develop its core technology to address the specific requirements of customers to improve the future of industrial manufacturing.
For more information: www.ferolabs.com