Falkonry Secures Funding to Optimize Industrial Throughput, Quality, and Yield With Operational Machine Learning
SUNNYVALE, Calif.–Falkonry, Inc., a provider of operational machine learning for Global 2000 industrial companies, raised $4.6 million in a Series A funding round, the company said in a press release. The Series A round brings the total funding raised by Falkonry to $10.9 million and is led by Presidio Ventures, the early stage venture capital arm of Sumitomo Corporation. Fortive Corporation, a diversified industrial growth company, has also joined the round as a strategic investor.
The early seed stage investors will enhance their existing investment positions in Falkonry, and include Basis Set Ventures, Polaris Partners, Start Smart Labs, and Zetta Venture Partners.
Falkonry said that during the last year, Toyota, EDP, and others have adopted its machine learning system, Falkonry LRS, without the need for data scientists. Falkonry LRS can be used directly by industrial practitioners. It enables operations teams to discover patterns hidden in their existing operations data, apply predictive analytics, and receive actionable insights. This new operational machine learning approach is said to be delivering substantial improvements in industrial throughput, uptime, yield, and product quality. Falkonry was recently recognized as a Gartner Cool Vendor and an IDC Innovator.
"Fortive's market leading product and technology solutions are deployed across a wide range of critical industrial applications, and we are excited by the opportunity to incorporate operational machine learning from Falkonry to further increase the value for our customers," said Raj Ratnakar, vice president of strategic development for Fortive, in the release. "The Falkonry LRS system is well positioned as a front runner in machine learning due to its ease of use and short time to value."
Operational machine learning has seen rapid growth and adoption in the Americas and Asia. According to Falkonry, established OEMs and corporate development partners in these regions realize the strategic product and market fit that Falkonry brings to complement their existing industrial IoT solution portfolios.
"Global 2000 leaders are turning to Falkonry because we enable them to realize significant operational improvements in as little as three weeks, and have already saved customers millions of dollars annually," said Dr. Nikunj Mehta, founder and CEO of Falkonry, in the release. "We are currently engaged with companies in industries ranging from oil and gas, automotive, semiconductor, mining and metals, power and energy, and industrial equipment."
Falkonry (https://falkonry.com/) intends to use the new funding for supporting the growth in its engineering and customer success organizations to meet increasing product demand and an expanding customer base.
The market for operational machine learning is expected to grow significantly. McKinsey & Company is predicting that the next 20 percent productivity rise in operations will come from digital analytics. AGC Partners predicts that adoption of these analytics in the manufacturing sector will grow from 15 percent to over 50 percent by 2020, and be a significant portion of the $210 billion big data and business analytics spending projected by IDC Research.
"Being able to quickly predict and derive value from operational data is a major advantage for every Global 2000 industrial company," said Ted Tatsumi, president and CEO of Presidio Ventures. "Machine learning is an explosive market to be in today, and we look forward to being a part of the continued growth we see Falkonry achieving in the future."
Presidio Ventures President & CEO, Ted Tatsumi, and Fortive Vice President of Strategic Development, Raj Ratnakar, will join the Falkonry board as observers. Mark Gorenberg from Zetta Venture Partners and Dr. Parveen Jain will continue as board directors.
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