Industrial AI startup CVector has raised $5 million in seed funding, TechCrunch reported on Jan. 26 local time.
CVector is pursuing a strategy to speed up commercialisation of its factory optimisation technology. The investment was led by Powerhouse Ventures, with participation from Fusion Fund, Myriad Venture Partners and Hitachi's corporate venture arm.
CVector is developing AI-based software that reduces costs by optimising factory operations. It is currently working with public utilities, manufacturing facilities and chemical producers.
It offers a range of solutions including preventing equipment downtime, monitoring energy efficiency and analysing raw material prices. It is also working with San Francisco-based startup Ammobia, which aims to reduce ammonia manufacturing costs.
Founder Richard Zhang (리처드 장) said, "Maximising cost savings can be achieved by adjusting even a single small valve." He said the core goal is to deliver tangible economic benefits to customers.
Chi-gyu Hwang
delight@d-today.co.kr