In a recent release, Praemo, an industrial operations optimization company, announced that is has concluded a $3.5 million Series A funding round for the company's Razor technology, led by McRock Capital. With this financing, Praemo said it will be equipped to propel industrial operations forward with its AI-powered performance solution.
Praemo said it seeks to generate actionable insights from existing IIoT and operational data. The company's Razor technology reportedly is designed to leverage Artificial Intelligence (AI) to deliver greater performance across industrial sectors, helping to improve the operational environments of its customers. Designed for a broad range of industries, the technology has been deployed in Automotive, Industrial Equipment Manufacturing, Injection Molding and Food and Beverage 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,” said Michael Martinez, CEO and co-cofounder, 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,” said Whitney Rockley, co-founder and Managing Partner, McRock. “Praemo is throwig 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.”