A new $9 million Series A round of funding has been announced by Fero Labs, the only Explainable Machine Learning (ML) software dedicated solely to the industrial sector. This funding will enable Fero Labs to expand into new markets and ultimately transform industries. Technology is being integrated into industrial processes in a bid to increase productivity, efficiency, and profits.
Berk Birand, CEO of Fero Labs, said, “At Fero Labs, we develop our technology around the needs of customers, delivering the best of machine learning, AI technologies, and scalable automated infrastructure. We’re excited to have the support of investors like Innovation Endeavors and Deutsche Invest VC to help us expand and adapt to our increased demand, and to help businesses of all industries thrive in this new normal.”
According to Next-Gen Industrial AI, More than half of leaders in the manufacturing and utility sector expect artificial intelligence to control high-value assets such as industrial plants, equipment, machines, and processes in the next five years. The industry has observed an increase in the adoption of artificial intelligence and machine learning in energy, manufacturing, heavy industry, infrastructure, and transportation sectors.
Sam Smith-Eppsteiner, Partner at Innovation Endeavors, commented, “Fero Labs equips industrial manufacturing professionals — like process and chemical engineers — with cutting-edge machine learning capabilities. Fero gives these experts new abilities to identify root causes of issues, predict outcomes earlier on, and drive optimal performance in a dynamic environment. Not only does Fero Labs drive top-line throughput and bottom-line profitability for manufacturers, but the product also helps the world’s largest producers become more sustainable. They’re helping companies minimize emissions, increased recycled input, and reduce waste.”
In addition to improving product quality, Fero Labs enhances production processes and increases efficiency. Because of its explainable machine learning software, users are able to access its powerful algorithms regardless of their background in data science, enabling them to identify the root cause of any issue. Fero Labs generates automatic explainable artificial intelligence (AI) models based on key process parameters and variations for plant experts.
Using these models, the plant can be continuously adjusted to the market and processes changing in real-time in order to guarantee peak performance. The benefits of Fero for a particular use case can then be expanded to other plants in order to maximize the overall profitability of an enterprise.