SUNNYVALE — Falkonry, a provider of operational machine learning for industrial companies, has raised $4.6 million in a Series A funding round. The Series A round 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.
This round brings the total funding raised by Falkonry to $10.9 million.
The company has landed some big customers over the last 12 months, with industry leaders such as Toyota, EDP, and others adopting Falkonry’s machine learning system, Falkonry LRS, without the need for data scientists. Falkonry LRS can be used directly by industrial practitioners and 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 delivering substantial improvements in industrial throughput, uptime, yield and product quality. Highlighting its growing momentum in the market, Falkonry was recently recognized as a Gartner Cool Vendor and an IDC Innovator.
Operational machine learning has seen rapid growth and adoption in the Americas and Asia, and 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. “We are currently engaged with companies in industries ranging from oil & gas, automotive, semiconductor, mining & metals, power & energy and industrial equipment.”
Falkonry intends to use the new funding for supporting the growth in its engineering and customer success organizations to meet the increasing product demand and expanding customer base.