Panda, a Hamburg, Germany-based Industrial AI startup, raised €1.3m in seed funding.
– The High-Tech Gründerfonds (HTGF),
– Innovationsstarter Fonds Hamburg (IFH) and
– business angels.
The company intends to use the funds for product development and expansion of the team.
Led by Michael Welsch, Co-Founder and CEO, Panda provides an all-in-one system for minimizing plant downtimes and performance deficits in the production process.
The solution detects the error in the production process with the help of Artificial Intelligence and solves the biggest problems in industrial production.
Panda uses a self-developed open source software framework to address the specific problems of industrial data, such as the presence of different and unlabeled data sources such as images, sensor data and machine information, but also the need for evidence of significance for auditability. The Drift system – scheduled to be launched in summer 2020 – offers an all-in-one solution consisting of hardware and software including user interface, which covers all steps from data acquisition to AI-based analysis and visualization for the user.