Artificial intelligence observability platform startup Axion Ray Inc. today announced that it had raised $17.5 million in new funding to further expand its AI capabilities within technical issue detection and to scale its go-to-market efforts into new industries.
Founded in 2021, Axion Ray offers an AI-powered integrity intelligence platform that automates engineering and quality analytics for manufacturing teams. The platform extracts actionable insights in real-time from unstructured manufacturing data to detect engineering issues months in advance, allowing businesses to intervene to avoid losses from recalls.
Axion Ray was founded with the goal of helping manufacturers solve their highest-priority emerging issues that affect customers as early as possible. The company’s AI command center flags technical issues, prevents injuries and losses and reduces warranty costs and customer downtime.
“Poor quality costs manufacturers trillions of dollars every year and when a product recall occurs, each day a manufacturer is unaware of the issue can cost them millions of dollars more,” Daniel First, founder and chief executive officer of Axion Ray, explains. “Axion Ray puts AI directly into the hands of field engineers to detect, investigate and resolve these issues.”
Axion Ray claims that, on average, poor product quality costs manufacturers up to 10% of their annual revenue. By leveraging Axion Ray’s AI platform, customers have increased product quality while decreasing downtime by an average of 27%, leading to improved customer experience and, on average, a 16% reduction in warranty and service costs.
The company has an impressive client roster that includes leading Fortune 500 manufacturers, such as Baxter International Inc., Cummins Inc., Newell Brands Inc., The Boeing Company, Pratt & Whitney (RTX Corp.), DENSO Corp. and other manufacturers across electronics, automotive, medical devices and consumer products.
Bessemer Venture Partners led the Series A round, with RTX Ventures LLC, Amplo Venture Capital LLC and Inspired Capital Partners LLC also participating. Including the new round, Axion Ray has raised $25 million to date.
“Axion Ray has emerged as a clear market leader in automating workflows for field engineers to identify quality problems faster,” Kent Bennett, partner at Bessemer Venture Partners, commented on the deal. “The ROI their AI command center delivers to improve uptime, customer satisfaction and reduce cost has been a catalyst for significant growth within the customer base.”
Image: Axion Ray
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{Categories} _Category: Platforms,*ALL*{/Categories}
{URL}https://siliconangle.com/2024/03/12/ai-startup-axion-ray-raises-17-5m-enhance-technical-issue-detection-manufacturers/{/URL}
{Author}Duncan Riley{/Author}
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{Keywords}AI,NEWS,The-Latest,Amplo,Axion Ray,Baxter,Boeing,Cummins,DENSO,Inspired Capital,manufacturing,Newell,observability,Pratt & Whitney,RTX Ventures,Startups,venture capital{/Keywords}
{Source}SiliconANGLE{/Source}
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