- Industrial process data intelligence leader Plutoshift announced it raised $8 million in Series A funding
Plutoshift — a leader in data intelligence for industrial processes — announced that it raised $8 million in Series A funding from proven institutional and individual investors. This investment will be used for expanding the technology behind Plutoshift’s cloud-based solution designed for teams to track, predict, communicate decisions, and the efficiency of critical physical assets and processes used in manufacturing. The investor group in the round includes Fall Line Capital and Unshackled Ventures along with the previous investors.
The new investors are also participating in the Series A round. And this group represents notable entrepreneurs in manufactured products and prominent angel investors including Dave Gilboa (co-founder of Warby Parker), Joseph Zwillinger (co-founder of Allbirds), and Nat Turner (co-founder of Flatiron Health).
What does Plutoshift do? The company unlocks insights from existing data sources in real-time and it enables industrial companies to have a holistic view of key cost drivers and resources that impact their business. This approach enables operators and managers inside manufacturing businesses to stay better informed and take proactive action.
Plutoshift has developed a specialized view of process performance for industrial companies and offers a unified window into manufacturing operations through highly sophisticated software that leverages AI for driving proactive insights. Initially, Plutoshift has been focusing its platform on manufacturers with a critical reliance on water in their processes. And Plutoshift termed it ‘Business Water.’
“Business Water, the use of critical resources to manage water in industrial applications, is quickly becoming one of the biggest challenges in manufacturing,” said Prateek Joshi, the founder and CEO of Plutoshift.
With a framework called ‘Grounded AI,’ Plutoshift has been bringing the power of performance monitoring to the physical world by driving practical use cases in the industrial sector. And Grounded AI is a more focused and industry-specific approach for implementing Artificial Intelligence, enhancing existing data systems, unlocking its value, and surfacing valuable information to make the data immediately actionable.
“We are focused on applying both Artificial Intelligence and industry expertise in tackling this problem, doing it in a practical and focused way. We call that ‘Grounded AI’,” added Joshi.
Plutoshift has partnered with a large beverage company to help it proactively monitor process performance around water treatment. And operators at the company’s production facility need to continuously track parameters like energy consumption, water recovery and membrane cleaning.
The data that is related to these processes (operational, financial, and maintenance) is spread across multiple systems — which negatively impacts the cost of running the water treatment system and manual monitoring consumes excessive resources.
The performance metrics are computed in real-time and the operators have a unified and contemporaneous view of the systems as well as near-term predictive analysis with Plutoshift. And Plutoshift enables operators to foresee spikes or anomalies in resource consumption thus allowing them to take preemptive actions and reduce costs.
“Process Performance Monitoring represents a huge market opportunity,” explained Eric O’Brien, co-founder and managing director at Fall Line Capital. “If we can solve the business water problems for manufacturing companies, we can then expand the solution to monitor many other processes within these verticals.”