Raven.ai Raises $12 Million USD
Raven, a leading provider of data contextualization software for frontline operations, announced the successful completion of its Series A funding round, raising $12 million USD ($16M CAD) in equity financing. The round was led by Momenta Ventures and Chartline Capital Partners, with participation from Celtic House Venture Partners, Export Development Canada, and continued support from prominent angel investors.
As manufacturers strive to improve efficiency in the face of rising costs, scarcity of skilled labor, and supply chain disruptions, they are turning to Industry 4.0 technologies to help drive improvements. According to MIT Sloan, spending on these technologies is expected to increase from $263B in 2021 to $1.1T by 2028.
However, despite significant investments, manufacturers still struggle to improve operational efficiencies and generate returns because they lack sufficient knowledge of their problems to deploy advanced technology solutions. Raven’s automated contextualization software addresses this issue, providing manufacturers with a clear timeline of all production states and losses, with context for everything that’s happening on the line, 100% of the time. This empowers frontline, engineering and management teams to make confident, fact-driven productivity improvements on the shop floor.
Leading manufacturers in the Discrete, Life Sciences and Food and Beverage industries are already using Raven’s solution to improve their operations. And with SMBs now becoming the driving force behind Industry 4.0 adoption, the opportunity for Raven’s solutions is huge. More about Industry 4.0’s impact on the Food & Beverage industry
“At Raven, our mission is to accelerate the adoption of Industry 4.0 technologies, delivering better products to consumers, better profits to manufacturers and better and safer jobs for plant workers. We are thrilled to have the support of such reputable firms and notable angel investors. This funding will allow us to continue rapid expansion of our capabilities and advancing our mission,” said Martin Cloake, CEO at Raven.
With this new funding, Raven aims to become the standard for contextual time and the source of truth that powers other best-of-breed Industry 4.0 technologies.