Raven.ai announced that it raised $6.1 million in equity financing from angel investors. Notable contributors include Fresh Founders (including Shopify’s Tobi Lütke and Harley Finklestein), Rob Lander (former President and CEO of Stackpole), Luc Levesque (Former VP at TripAdvisor), Rob Ashe (Former CEO at Cognos), Jacket River, HBS Angel Investors of New York, and several others.
“Expanding our client base makes our technology better – the more data we get, the stronger the AI gets,” says Martin Cloake, Raven’s CEO. “This practical application of AI in manufacturing to guide behaviour has never been done in this space. We’re excited to lead the way.”
Raven uses mobile hardware, software, and cloud-based analytics driven by artificial intelligence to massively improve world-leading manufacturers’ profitability with no change to the number of people and machines. Real-time recommendations and productivity insights provide immediate results to plant managers, supervisors, and machine operators.
“Raven Telemetry has a focused, real-world solution to the very real problem of increased plant efficiency,” says Rob Ashe. “This is a burning platform for manufacturers looking experience the benefits of modernized shop floors and more efficient output.”
Early adopters are seeing results. “Raven’s system and support have been invaluable in helping us improve,” says Doug Higginbotham from David’s Tea. “Not only do we know where the gaps are, we also know what to do about them. Since integrating Raven in our workflow, we are more competitive and have increased our productivity.”
Shannin Hudson, a plant manager at Danaher Corp. adds, “With Raven, our up-time went from 78 to 92 per cent. It’s saved of hundreds of thousands of dollars a year.”
Since its launch in 2013, Raven is growing exponentially and boasts many large manufacturers as clients such as Hitachi, David’s Tea, Teledyne, and Danaher. “We’re pleased that our investors see the future of manufacturing the same way we do,” says Cloake. “Manufacturing is still fundamentally a people business, so analysis without people taking action is valueless. The biggest opportunity is to change what people do, rather than simply report what happened.”