Canada-based provider of data contextualization software for frontline operations, Raven.ai, closed its Series A funding at USD 12 million. The company announced the closure on January 26, 2023. Momenta Ventures and Chartline Capital Partners led the financing for the company. Meanwhile, Celtic House Venture Partners, Export Development Canada and angel investors joined in the funding.
Purpose of financing for Raven.ai
With the latest proceeds from the Series A funding, Raven.ai seeks to continue the rapid expansion of its capabilities.
What the company’s official has to say
Martin Cloake, CEO at Raven, said, “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 the rapid expansion of our capabilities and advancing our mission. With advancements in AI from companies like OpenAI, DeepMind and others, we are moving into an age of near-limitless computing and analytical power. But, ROI delivered from technology investments will increasingly depend on the quality of data – not just the quality of analysis. In manufacturing, obtaining the high-quality data needed to drive real improvements depends on the ability to interpret and contextualize data from both people and machines. This is the value that Raven provides.”
What the investors have to add
Michael Dolbec, Managing Director at Momenta, said, “Manufacturing is changing rapidly with the huge influx of high-tech, Industry 4.0 solutions. But despite investments, manufacturers still struggle to improve operational efficiencies and generate returns because they don’t have sufficient knowledge of their problems to deploy advanced technology solutions. Raven’s automated contextualization software solves this problem, and we are thrilled to partner with them to unlock global manufacturing capacity and profits.”
In addition, Phil Stern, Managing Director at Chartline Capital Partners, said, “To address labour costs and mitigate supply chain issues, the majority of manufacturers have begun reshoring their productions. This will bring hundreds of thousands of manufacturing jobs back to Canada and the US to help boost our economies. We believe Raven’s solution will play a key role in engaging these frontline teams to provide the critical context and shop floor insights needed for businesses to drive lean improvements and gains.”
Besides, Tom Valis, Partner at Celtic House Venture Partners, said, “Mid-size manufacturers are now the driving force behind mass adoption of Industry 4.0 technologies. Many of these companies have a people-first approach to digital transformation and see the value in empowering the frontline to be a part of their efforts to enhance data quality and drive sustainable improvements. Since SMBs make up 98% of all manufacturing companies, the opportunity for Raven is huge.”
About the company
In 2013, Founders Andrew Blanchard, Braden Stenning, and Martin Cloake launched the company. Raven is a leading provider of data contextualization software for frontline operations. Leading manufacturers in the Discrete, Life Sciences and Food and Beverage industries use the company’s platform.
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