Kitchener, Ontario, Aug. 23, 2019: Industrial operations optimizing company Praemo said it had raised $3.5 million in Series A funding round for the company’s Razor technology. The round was led by McRock Capital. With this financing, Praemo said it would be “equipped to propel industrial operations forward with its proven AI-powered performance solution.”
Praemo generates actionable insights from existing Industrial Internet of Things (IIoT) and operational data. The company’s Razor technology leverages artificial intelligence (AI) to deliver greater performance across industrial sectors, helping to improve the operational environments of its customers. The tech is adaptive for a broad range of industries.
“It was critical for us to validate the impact of our AI-based solution Razor in real operations before taking it to the broader market. Now that we’ve done that, closing this round with the team at McRock really validates not only the critical need for this solution, but the fact we’re delivering on the promise of Industry 4.0 and the IIoT,” said Michael Martinez , Chief Executive Officer and co-cofounder of Praemo in a press statement.
Image Credit: Praemo