Falkonry, a Santa Clara, CA-based Industrial IoT pattern recognition company, raised $5.3M in equity funding.
Backers included Zetta Venture Partners, Polaris Partners, and Start Smart Labs. In conjunction with the transaction, Mark Gorenberg, the founding partner of Zetta Venture Partners, will be joining Falkonry’s Board of Directors.
The company intends to use the funds to continue to expand operations.
Led by Nikunj Mehta, Founder & CEO, Falkonry provides artificial intelligence software to to discover, recognize, and predict time series patterns for downtime, quality, yield, and efficiency to improve overall equipment effectiveness (OEE). The software – offered via a term licensing model deployed in the cloud or on-premises – enables industrial engineers to create real-time process control insights from industrial and IoT time series data and the patent-pending core AI technology continuously improves as it analyzes more input data and expert labels.
Technology partners include OSIsoft, SAP, Vegam, MDS Technology, Microsoft, PTC, PubNub, and Oracle.
The company, which has offices in Seoul, Korea and Mumbai, India, serves global customers in APAC and North America.