AI firm Raven secures $6M from angel investors
May 2, 2018 by Manufacturing AUTOMATION
May 2, 2018 – Raven Telemetry, an Ottawa-based artificial intelligence company for manufacturing, has raised $6.1 million in equity financing from angel investors.
Contributors include Fresh Founders, Rob Lander (former president and CEO of Stackpole), Luc Levesque (former VP at TripAdvisor), Rob Ashe (former CEO at Cognos), Jacket River, HBS Angel Investors of New York, and several others.
Founded in 2013, Raven developed what it describes as the first Augmented Industrial Management (AIM) platform for manufacturers. Using mobile hardware, software and Cloud-based analytics driven by AI, Raven aims to improve manufacturers’ profitability with real-time recommendations and productivity insights.
“Expanding our client base makes our technology better — the more data we get, the stronger the AI gets,” said Raven CEO Martin Cloake. “This practical application of AI in manufacturing to guide behaviour has never been done in this space. We’re excited to lead the way.”
The firm serves a range of manufacturing clients such as Hitachi, David’s Tea, Teledyne and Danaher.
“With Raven, our up-time went from 78 to 92 per cent. It’s saved of hundreds of thousands of dollars a year,” said Shannin Hudson, a plant manager at Danaher.
“We’re pleased that our investors see the future of manufacturing the same way we do,” added Cloake. “Manufacturing is still fundamentally a people business, so analysis without people taking action is valueless. The biggest opportunity is to change what people do, rather than simply report what happened.”