Kitchener-Waterloo-based Praemo, which uses industrial IoT data to provide insights to enterprises, has raised $4.5 million CAD in financing, bringing the startup’s total raised to date to $8 million.
“This additional funding allows us to accelerate our technology roadmap.”
The financing was led by previous investor McRock Capital, which led Praemo’s $3.5 million Series A round in 2019. Caterpillar Venture Capital and BDC Capital’s Industrial Innovation Venture Fund also participated in this most recent financing.
Scott MacDonald, co-founder and managing partner of McRock Capital, classified this latest financing as Series A follow-on capital. The funding will be used by Praemo to expand the team, which currently consists of 13 people, and advance the capabilities of Praemo’s prescriptive intelligence software for industrial environments.
“This additional funding allows us to accelerate our technology roadmap while sharing our customers’ successes more broadly across the industrial marketplace,” said Michael
Martinez, co-founder and CEO of Praemo.
Praemo’s Razor platform uses artificial intelligence to detect problems in a company’s operations, identifying abnormal equipment before it becomes costly or disruptive. The technology has been used in automotive, industrial equipment manufacturing, injection moulding, and food and beverage operations.
Founded in 2017 Praemo combines its expertise in industrial asset and process performance management with data science to deliver learned machine behaviour which automatically generates actionable recommendations in real-time.
“Praemo not only identifies real-time machine anomalies, but even more importantly, sends prescriptive alerts so that the appropriate preventative action can be quickly taken,” said Whitney Rockley, co-founder and managing partner at McRock Capital.
“This capability is catching the attention of large industrial operators like Caterpillar that are looking for a solution that does more than just tell them they have a problem developing. It also tells them how to best fix that emerging problem,” added Rockley.
Image source Praemo.