Industrial AI Software Startup Raises $2.6 Million
New York-based Aquant develops AI-based software to reduce machine downtime
New York-based Aquant, Inc., which develops software to improve servicing for machinery and equipment, has raised $2.6 million in seed funding, the company announced Tuesday.The funding round was led by World Trade Ventures and SilverTech Ventures, which are both based in New York. An AngelList Syndicate led by investor Gil Dibner also participated.
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Founded in 2016 by Israel-born entrepreneurs, Aquant will use the funds to acquire more customers and develop its software, which uses predictive algorithms and machine learning technology, the company said in a statement.
Machines that require periodic servicing (illustration)
Aquant’s product supplements the work of machinery maintenance technicians by helping predict servicing needs and equipment failures.
Better servicing could reduce machinery downtime, which is a “$647 billion a year problem,” according to Aquant CEO and Co-Founder Shahar Chen.
Aquant does not require companies to replace existing IT systems, said COO and Co-Founder Assaf Melochna in the statement.
“Aquant turns those IT systems into intelligent ones by providing a 'brain' that is able to collect and analyze any format of data in a flash and generate predictions for expected technical failures of the machine,” Mr. Melochna said.