Fero Labs was granted $9 million by Innovation Endeavors and Deutsche Invest VC in Series A financing negotiations.
The US start-up that specifically produces machine learning models for the manufacturing industry intends to use its funding to drive technological innovation in the waste management industry.
Covid-19, which exacerbated safety issues in the waste handling sector, has driven companies handling solid waste to implement AI across the board. Automation renders waste picking and treatment both more efficient, accurate as well as speedy, with better garbage management also set to slash waste globally. Interest continues to spike as technology advances, with a Siemens and Longitude Research partnered survey titled ‘Next-Gen Industrial AI’ quoting More than half of leaders in the manufacturing and utilities sector as being of the opinion that machine-learning adoption for equipment, machines and processes as well for industrial plants is only set to increase in the next five years.
Fero Labs machine learning software is unique in that it allows waste plant operators to make use of AI to solve problems without needing to resort to highly technical or scientific knowledge. These machine learning models can help employees predict quality problems or machine downtime as well as help them save resources. Said models can be deployed in real time to ensure peak waste plant performance on an individual basis but can also be scaled across other plants to maximize the overall profitability of the entire business.
"Fero Labs equips industrial manufacturing professionals — like process and chemical engineers — with cutting-edge machine learning capabilities. Fero gives these experts new abilities to identify root causes of issues, predict outcomes earlier on, and drive optimal performance in a dynamic environment," said Sam Smith-Eppsteiner, Partner at Innovation Endeavors. "Not only does Fero Labs drive top-line throughput and bottom-line profitability for manufacturers, but the product also helps the world's largest producers become more sustainable. They're helping companies minimize emissions, increased recycled input, and reduce waste."