Adapdix, a company that provides a predictive analytics software platform for industrial machines, has raised $8m in a Series A funding round.
WRVI Capital led the funding round, with participation from new investor Micron Ventures and existing investor X2 Equity.
The California-based firm’s ‘EdgeOps’ platform is used by companies for industrial systems that process AI algorithms locally instead of in the cloud, known as edge AI.
Adapdix said it would use the funds to bolster its position in the edge AI market.
The EdgeOps platform monitors and detects equipment, such as factory robots, to alert engineers of a fault before it leads to a failure.
It is based on data mesh technology, a decentralised system architecture approach that links together data from various locations.
“This investment round will solidify Adapdix’s leadership position in the market and enable more enterprise companies to control their end-to-end operations – and ensure uptime – with real-time predictive analytics,” said Anthony Hill, founder and CEO at Adapdix.
Adapdix said it initially plans to focus on manufacturing customers in the semiconductor, electronics, and automotive industries. It will then move into additional sectors.
As factories continue to embrace smart technologies as part of industry 4.0, edge AI promises benefits such as reduced latency and energy savings.
“Artificial intelligence will transform how enterprises automate and optimise processes in the workplace,” said Andrew Byrnes, director of venture capital at Micron Ventures.
“Adapdix has an innovative platform with powerful capabilities to generate data insights that quickly and effectively unlock new levels of productivity and streamlined processes.”
Founded in 2014, Adapdix has also been backed by investment bank Morgan Stanley, which selected it in the 4th cohort of its Multicultural Innovation Lab.