Fero Labs, the Explainable Machine Learning software dedicated to the industrial sector, announced the closing of a $9 million Series A round led by Innovation Endeavors, with participation from Deutsche Invest VC. This funding will support Fero Labs in expanding its product offerings to new sectors and ultimately push the industrial manufacturing community forward. The industrial sector has just begun to implement technologies into its processes to reduce waste and increase efficiency and profits.
More than half of leaders in the manufacturing and utility sector expect artificial intelligence to control high-value assets such as industrial plants, equipment, machines and its processes in the next five years, according to Next-gen Industrial AI, and due to the pandemic, the industry observed a steady increase in artificial intelligence and machine learning adoption across industries including energy, manufacturing, heavy industry, infrastructure, and transportation sectors.
Fero Labs enhances production processes and increases efficiency, all while improving the overall manufacturing quality. Its comprehensive explainable machine learning software is unique in that it provides plant operators, with little to no data science background, access to powerful machine learning algorithms, enabling them to understand the root cause of any issues they are exploring.
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Plant experts use Fero Labs to automatically generate explainable ML models that take into account key process parameters and variations. These models can be deployed in real-time to ensure that the plant operates at peak performance by continuously adjusting to the process and market changes. Once the benefit of having Fero for a use case is verified, it can be easily scaled across other plants to maximise the overall profitability of the entire business.
Amid the Covid-19 pandemic and global industrial restrictions, Fero Labs grew 400 per cent in 2020, emphasising the increased need to create sustainable solutions for the entire industrial sector. After implementing Fero Labs, its customers saw average increased profitability of 10 per cent, while reducing emissions. Fero Labs’ software supports numerous industries including consumer goods, automotive, steel and chemical industries in particular through lighthouse users like Henkel, Volvo Trucks, Gerdau, and Covestro. The company was founded to connect the missing link of applying machine learning to the industrial world directly and continues to develop its core technology to address the specific requirements of customers to improve the future of industrial manufacturing.
