Machine learning software startup Predikto closed a $4 million Series A round this week to fund product development and expansion plans both here in Atlanta and to Europe. The round was led by Fidelis Capital with contributions from TechOperators and other firms.
“The funds will help us expand our Engineering, Data Science and Customer Success team. We are also adding more sales resources in Europe,” says CEO Mario Montag of adding to his current team of 30+. “We have landed some important production rollouts with Fortune 100 companies.”
An industrial equipment failure can quickly cost a company up to $50K an hour. Predikto’s software aims to predict and alert equipment manufacturers, as well as railroads, aviation and shipping companies, about failures before they happen by analyzing real-time sensor data, past maintenance records, and previous failure data.
The software helps manufacturers reduce downtime and increase productivity with planned maintenance.
“The funding will also enable us to beef up software automation for expedited deployments,” says Montag.
With this Series A round, Predikto hopes to open up offices in Europe, with the UK and the Netherlands on the short list, and expand beyond the rail and shipping industries into aviation.