Alchemy IoT launches with $4 million seed funding to simplify industrial IoT using artificial intelligence

Victor Perez, CEO for Alchemy IoT

Alchemy IoT, a provider of IoT Asset Intelligence for industrial applications, launched with $4 million (€3.40 million) seed funding from Aweida Venture Partners and several angel investors. The startup’s cloud-based application, Clarity, helps customers achieve a greater return on their industrial assets and competitive advantage.

The product introduces a novel “no-code” approach to IoT Asset Intelligence that simplifies how fleet management, plant maintenance and manufacturing performance can be improved using artificial intelligence and unsupervised machine learning.

Alchemy will focus on helping small- to mid-sized industrial customers overcome the technical and data-science resource mandates that are needed – and often unattainable – to deploy today’s expensive and highly complex IoT solutions.

“The promise of artificial intelligence, machine learning and industrial IoT are very real, but so too are the challenges smaller organisations face when trying to adopt and gain value from these new technologies,” said Victor Perez, CEO for Alchemy IoT. “Our mission is to make AI-powered IoT a ‘no-code’ proposition, one that any industrial company can quickly start and put to use to gain fast value. Too many of today’s IoT solutions require a massive budget and an extraordinary amount of customisation to even getting started – we aim to disrupt and change that.”

Led by technology industry veterans from IBM, ABB, GE, StorageTek, Seagate and Sony Electronics, Alchemy defines its industry approach as “IoT Asset Intelligence,” an AI-based method to quickly gain knowledge and ROI from industrial assets. Supporting Industry 4.0 and digital transformations, this cloud-based approach eliminates the complexity and expense of Big Data and IoT initiatives by shifting the value stream to the asset itself. It aims to standardise workflows and enable no-code IoT adoption to preemptively solve problems and discover new business opportunities.

clarity desktop

Through AI innovation, Alchemy aims to make “data science” available to small- to mid-market industrial customers by delivering a contextual view of operational and performance data – fast, and at a fraction of the cost of expensive, heavyweight, customised solutions. Its Clarity application creates a digital twin of industrial assets, allowing the full benefit of the internet to make industrial assets and data feeds easy to connect to its IoT cloud application.

Using Clarity, teams can visualise asset information in graphical dashboards, analyse asset performance through unsupervised machine learning, and take proactive action to increase the productivity of industrial fleets and machinery.

Clarity stands alone in its ability to deliver self-learning, predictive analytics to automate complex tasks typically performed by high-cost and scarce data scientists. Offering asset data analytics through a low-cost SaaS model also enables customers to quickly deploy and scale thousands of devices within 48 hours of using Alchemy’s unique auto-provisioning capabilities.

“There’s no doubt that artificial intelligence and IoT will transform how companies operate and wi

Jesse Aweida

n in the industrial IoT market, and Alchemy has proven that it can make these technologies accessible smartly and practically,” said Jesse Aweida, general manager of Aweida Venture Partners. “I am very excited to support the Alchemy team as it moves to simplify and speed time-to-value for industrial IoT through its ‘no-code’ and application-specific approach that perfectly aligns with Industry 4.0 mega-trend approaches.”

Clarity’s capabilities streamline the industrial IoT user experience to simplify how data is viewed and analysed to track maintenance activities, monitor alerts and receive critical feedback on asset performance.

Core features of the application include:

  • Sensor data monitoring: easily aggregates and filters data related to the health, operations and performance of connected industrial assets to deliver real-time data, including mobile assets tracked via GPS.
  • AI-based analytics: unsupervised machine learning and Alchemy’s proprietary Self-Learning Maintenance Algorithm (SeLMA) makes each connected asset more intelligent about its operations to provide predictive, useful and actionable insights.
  • Notifications and alerts: detected operational anomalies and predictive maintenance alerts are instantly delivered to designated team members via web browsers, email or within the application.
  • Mobile-enabled: mobile devices are enabled and connected with Clarity to extend the application to team members where and when they need important information or alerts.
  • Customised dashboards: custom views are easily created to provide visibility and context into asset performance with Clarity’s simple “drag-and-drop” widgets.
  • Custom events and actions: automatic updates to workflow and tasks, and remote equipment controls, helps teams leverage IoT data and events for better performance.

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow

RECENT ARTICLES

Semtech enhances global connectivity with NTN support in HL78 modules

Posted on: March 29, 2024

Semtech Corporation has announced the integration of non-terrestrial network (NTN) support into its HL series LPWA modules, specifically the HL7810 and HL7812. This significant advancement showcases a leap forward in enabling uninterrupted global connectivity even amidst the most challenging conditions.

Read more

Enhance EV charging performance with cellular connectivity

Posted on: March 28, 2024

Electric vehicles (EVs) are steadily growing their market share at the expense of internal combustion engine vehicles. The growth is fuelled by several factors. Perhaps most importantly, prices for EVs have started to drop as competition in the industry is intensifying. New players and models are emerging, prompting several established EV makers to lower their

Read more
FEATURED IoT STORIES

What is IoT? A Beginner’s Guide

Posted on: April 5, 2023

What is IoT? IoT, or the Internet of Things, refers to the connection of everyday objects, or “things,” to the internet, allowing them to collect, transmit, and share data. This interconnected network of devices transforms previously “dumb” objects, such as toasters or security cameras, into smart devices that can interact with each other and their

Read more

The IoT Adoption Boom – Everything You Need to Know

Posted on: September 28, 2022

In an age when we seem to go through technology boom after technology boom, it’s hard to imagine one sticking out. However, IoT adoption, or the Internet of Things adoption, is leading the charge to dominate the next decade’s discussion around business IT. Below, we’ll discuss the current boom, what’s driving it, where it’s going,

Read more

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, home automation using iot is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more

5 challenges still facing the Internet of Things

Posted on: June 3, 2020

The Internet of Things (IoT) has quickly become a huge part of how people live, communicate and do business. All around the world, web-enabled devices are turning our world into a more switched-on place to live.

Read more