With a recent announcement, Alchemy IoT, a provider of IoT Asset Intelligence for industrial applications, has launched with $4 million seed funding from Aweida Venture Partners and several angel investors.
The startup’s cloud-based application, Clarity, is designed to help customers achieve a greater return on their industrial assets and competitive advantage. The product introduces a “no-code” approach to IoT Asset Intelligence that reportedly simplifies how fleet management, plant maintenance and manufacturing performance can be improved using artificial intelligence and unsupervised machine learning.
Alchemy will focus on helping small- to mid-sized industrial customers overcome the technical and data-science resource mandates that are needed – and often unattainable – to deploy today’s expensive and highly complex IoT solutions.
“The promise of artificial intelligence, machine learning and industrial IoT are very real, but so too are the challenges smaller organizations face when trying to adopt and gain value from these new technologies,” said Victor Perez, CEO, Alchemy IoT. “Our mission is to make AI-powered IoT a ‘no-code’ proposition, one that any industrial company can quickly start and put to use to gain fast value. Too many of today’s IoT solutions require a massive budget and an extraordinary amount of customization to even getting started – we aim to disrupt and change that.”
Led by technology industry veterans from IBM, ABB, GE, StorageTek, Seagate (News - Alert) and Sony Electronics, Alchemy says its industry approach is all about “IoT Asset Intelligence,” an AI-based method to quickly gain knowledge and ROI from industrial assets. Through AI innovation, Alchemy aims to make data science available to small- to mid-market industrial customers by delivering a contextual view of operational and performance data – fast, and at a fraction of the cost of expensive, heavyweight, customized solutions. Its Clarity (News - Alert) application creates a digital twin of industrial assets, allowing the full benefit of the internet to make industrial assets and data feeds easy to connect to its IoT cloud application.
“There’s no doubt that artificial intelligence and IoT will transform how companies operate and win in the industrial IoT market, and Alchemy has proven that it can make these technologies accessible smartly and practically,” said Jesse Aweida, general manager, Aweida Venture Partners. “I am very excited to support the Alchemy team as it moves to simplify and speed time-to-value for industrial IoT through its ‘no-code’ and application-specific approach that perfectly aligns with Industry 4.0 mega-trend approaches.”