Raven, an Ottawa, Canada-based provider of data contextualization software for frontline operations, raised $12 million in Series A funding.
The round was led by Momenta Ventures and Chartline Capital Partners, with participation from Celtic House Venture Partners and Export Development Canada, as well as continued support from prominent angel investors including Tobi Lütke from Shopify and Rob Ashe from Cognos and IBM analytics.
The new funding will accelerate the company’s vision to become the standard for the contextual time, and the source of truth that powers other best-of-breed Industry 4.0 technologies.
“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 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 the just 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.”
Raven is the only solution that combines and analyzes operator input and machine data to provide a clear timeline of all production states and losses — with context for everything that’s happening on the line, 100% of the time.
Leading manufacturers in the Discrete, Life Sciences, and Food and Beverage industries are using Raven’s solution to empower frontline, engineering, and management teams to make confident, fact-driven productivity improvements on the shop floor.
Company: Raven Telemetry Inc.
Raised: $12.0M
Round: Series A
Funding Month: January 2023
Lead Investors: Momenta Ventures and Chartline Capital Partners
Additional Investors: Celtic House Venture Partners, Export Development Canada, Tobi Lütke, and Rob Ashe
Company Website: https://raven.ai/
Software Category: Data Contextualization Software
About the Company: Founded by Martin Cloake and Braden Stenning, Raven is a manufacturing technology leader that helps companies empower the frontline and improve operational performance with our automated contextualization and OEE software. Raven provides data contextualization software for frontline operations. Raven’s solutions are designed with an operator-first mindset and leverage proprietary IoT/edge devices and AI to unite various sources of manufacturing data to deliver a unique and accurate timeline of information. Raven serves manufacturers globally in discrete, food and beverage, pharmaceuticals, agri-food, healthcare, and more.
Source: https://raven.ai/company-news/raven-raises-12-million-usd-and-completes-series-a-financing/