Even the coming winter season will not be able to slow down funding for artificial intelligence.
Manufacturing AI startup Tractien is the latest company to use emerging technology to attract investor attention, securing $120 million in Series C funding led by Sapphire Companies.
The round also included investments of General catalyst, Next47 And Capital NGP.
The Atlanta-based company’s AI game is pretty simple. It is capable of combining hardware, software and AI to help modernize manufacturing maintenance processes. The company — which describes itself as the “Industrial Copilot” — responds to the growing concern of industrial maintenance, with unplanned downtime. costing the world’s 500 largest companies 11% of their annual turnoverapproximately $1.4 trillion.
“With an aging workforce and fewer young workers entering the field, the gap between human expertise and machine understanding is growing,” said the co-founder and CEO. Igor Marinelli in a release. “This loss of analog and practical knowledge has forced industrial operations to struggle to maintain efficiency. There is growing momentum toward reshoring manufacturing to the United States, as companies seek to reduce reliance and build more resilient supply chains.
AI Dollars
Of course, Traction is just the latest company to use AI to solve real-world problems while attracting big investments.
More than half of last month’s $28 billion in global venture capital funding went to companies in the AI sector – with AI companies in everything from robotics to marketing to healthcare raising more than $14 billion.
Founded in 2019, Tractian has raised over $180 million, by Crunchbase. In August 2023, the company closed a $45 million growth capital round led by General Catalyst.
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Illustration: Dom Guzman
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