Falkonry Raises $5.3M in Equity Funding Led by Zetta Venture Partners and Polaris Partners
Falkonry, a Silicon Valley Industrial IoT Pattern Recognition Company, Raises Equity Investment to Meet Demand from Global Customers
SANTA CLARA, CA. February 23, 2017
Falkonry, Inc. (http://falkonry.com/), a leading provider of pattern-based artificial intelligence software to improve overall equipment effectiveness (OEE) announced today that it has received funding from Zetta Venture Partners, Polaris Partners, and Start Smart Labs. In addition to this transaction, Mark Gorenberg, the founding partner of Zetta Venture Partners, will be joining Falkonry’s Board of Directors.
“Patterns are prevalent in operational data used by industrial organizations. The automated discovery of patterns in industrial data streams is essential to realize the benefits of smart factories, connected industry, and Industrial IoT (IIoT),” said Mark Gorenberg, new Falkonry Board Member. “Falkonry is unique in its ability to productize solutions to costly, complex industrial business problems. We foresee that domain-specific solutions using Falkonry software will be broadly deployed to fundamentally transform industries.”
Over 200,000 industrial facilities around the world operate manufacturing, energy, and transportation systems. These facilities and their organizations have always endeavored to improve yield, quality, efficiency, and uptime through industrial engineering and process improvement methods. Falkonry is a revolutionary step forward on that journey as it enables the same practitioners to create more intelligent control systems using existing data on their own.
“Falkonry is excited to partner with Zetta and Polaris as we roll out our AI-based pattern recognition technology to the Global 2000 industrial customer base,” said Nikunj Mehta, Founder & CEO of Falkonry. “Zetta has the reputation of being a top intelligent enterprise venture partner and we are excited to leverage their grasp of early business models and growth strategy. We are also delighted to have Mark join our board.”
“Falkonry has a scalable business model that is essential to growth in the industrial software marketplace,” said Gary Swart of Polaris Partners. “They have developed an ideal solution for a critical need that every industrial company is being challenged to address today in order to remain competitive and succeed in the demanding global marketplace. Falkonry customers are able to find actionable insights from underutilized data to improve productivity, increase yields, and raise efficiency.”
Falkonry has global customers in APAC and North America. Falkonry software is offered via a term licensing model and it can be deployed by customers in the cloud or on-premises. Users, such as industrial engineers, can rapidly apply Falkonry software to their own operations after minimal training. In other words, Falkonry customers are up and running and seeing measurable results within weeks, not months.
About Zetta Venture Partners
Founded in 2013, Zetta Venture Partners is the first fund focused on intelligent enterprise software and has $160 million under management. Current portfolio companies include Appdiff, Clearbit, Domo, Domino Data Lab, EventBoard, Focal Systems, InsideSales, Kaggle, Lilt, Lucid Design Group and Tractable. Visit www.zettavp.com for more information.
About Polaris Partners
Polaris Partners invests in exceptional technology and healthcare companies across all stages of their life cycles. With offices in Boston, San Francisco, and Dublin, Polaris partners globally with an unparalleled network of entrepreneurs, top scientists and emerging innovators who are making significant contributions in their fields and improving the way in which we live and work. For more information, visit www.polarispartners.com.
About Falkonry, Inc.
Falkonry, a Silicon Valley company on the cutting edge of industrial transformation helps the Global 2000 improve operations efficiency through pattern recognition AI. Falkonry democratizes machine learning to discover, recognize, and predict time series patterns for downtime, quality, yield, and efficiency. Falkonry software enables industrial engineers to create real-time process control insights from industrial and IoT time series data. The company’s patent-pending core AI technology continuously improves as it analyzes more input data and expert labels. The Falkonry business model comprises engaged, global, diversified distribution and leading technology partners, including OSIsoft, SAP, Vegam, MDS Technology, Microsoft, PTC, PubNub, and Oracle. Falkonry is headquartered in Santa Clara, California with offices in Seoul, Korea and Mumbai, India. For more information about Falkonry and its products, partners and services, visit http://falkonry.com/ or call +1 (408) 461-9286.