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