Even as the winter season approaches, funding for artificial intelligence cannot cool down.
Manufacturing AI startup Tractian is the latest company to use emerging technology to catch the attention of investors, raising $120 million in Series C funding led by Sapphire Ventures.
The round also includes investments from General Catalyst, Next47, and NGP Capital.
The Atlanta-based company’s AI efforts are very simple. Hardware, software, and AI can be combined to help modernize manufacturing maintenance processes. The company, which calls itself an “industrial co-pilot,” is increasingly concerned about industrial maintenance, with unplanned downtime costing the world’s 500 largest companies 11% of annual revenue, or about $1.4 trillion. concerns are addressed.
“As the workforce ages and fewer young workers enter the field, the gap between human expertise and machine understanding is widening,” said Co-Founder and CEO )’s Igor Marinelli said in a release. “With the loss of analog, practical knowledge, industrial operations struggle to maintain efficiency. As companies seek to reduce dependencies and build more resilient supply chains, manufacturing in the U.S. There is a growing momentum for a return.”
AI dollar
Of course, Traction is just the latest company to use AI to solve real-world problems while also attracting significant investment funding.
More than half of last month’s $28 billion in global venture funding went to companies in the AI field, with more than $14 billion raised by AI companies in everything from robotics to marketing to healthcare.
Founded in 2019, Tractian has raised more than $180 million, according to Crunchbase. In August 2023, the company completed a $45 million growth capital round led by General Catalyst.
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Illustration: Dom Guzman
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