Even the coming winter cannot stop the financing of artificial intelligence.
Putting AI into production Tractor is the latest company to make use of emerging technology to draw investor attention, raising $120 million in Series C financing led by Sapphire ventures.
The round also included investments from Generic catalytic converter, Next47 AND NGP capital.
The Atlanta-based company’s AI game is pretty easy. It is in a position to mix hardware, software and artificial intelligence to assist modernize manufacturing maintenance processes. The company – which calls itself “Industrial Copilot” – addresses the growing problems of commercial maintenance and unplanned downtime costing the world’s 500 largest firms 11% of their annual revenuesroughly $1.4 trillion.
“As the workforce ages and fewer younger workers enter the workforce, the gap between human knowledge and machine understanding is widening,” said co-founder and CEO Igor Marinelli In release. “This loss of analog, hands-on knowledge has left industrial plants struggling to maintain productivity. “Relocating manufacturing to the United States is gaining momentum as companies look to reduce dependencies and build more resilient supply chains.”
AI dollars
Of course, Traction is the latest company to make use of artificial intelligence to unravel real-world problems while attracting big investments.
More than half of last month’s $28 billion in global enterprise funding went to AI firms, with AI firms in every part from robotics to marketing to healthcare taking in greater than $14 billion.
Founded in 2019, Tractian has raised over $180 million, via Crunchbase. In August 2023, the company closed a $45 million growth capital round led by General Catalyst.