Enterprise AI platform startup Aquant raises $10 million in Series A funding led by Lightspeed Ventures
We live in an Internet age where business runs 24 hours a day and 365 days a year. Business customers come from different part of the world and as such, organizations cannot afford the cost of downtime to their mission-critical systems. Making critical enterprise systems available is, undoubtedly one of the most important functions of every organization. Aquant is a SaaS enterprise AI platform startup that is helping companies to maintain maximum system uptime. Aquant uses AI and machine learning to learn enterprise’s unique language and use it to maximize equipment uptime.
Today, the New York-based Aquant announced it has secured $10 million in series A funding led by Lightspeed with participation from World Trade Ventures, Angular
Ventures and SilverTech Ventures. Nicknamed as “Uptime as a Service,” Aquant is an AI-powered Service Intelligence platform for manufacturing and service companies. “This is an incredible milestone for us,” Aquant said in an email to TechStartups.
Founded in 2016 by Shahar Chen and Assaf Melochna, Acquant drives a dramatic reduction in machine downtime and improves first-time-fix rates by applying state of the art artificial intelligence and natural language processing for companies’ CRM, Asset Management and Workforce Management data silos. Through AI and machine learning, Aquant enables companies to make smarter, faster, data-driven decisions by providing predictive actionable service recommendations. Operating in a $647 billion-dollar market, Aquant was built by industry experts with a passion to help companies eliminate the unplanned downtime of their products in the most profitable way. Aquant’s unique data-driven technology mines historical data for insights, merges all existing data silos and creates one centralized SaaS platform for all service data and decision making.
“The yearly cost of machines downtime is estimated at $647 billion in the US alone,” says Shahar Chen, CEO & Co-Founder of Aquant. “Maximizing machine uptime directly impacts all levels of service from customer satisfaction, customer effort, revenue, cost, productivity and efficiency levels,” he adds.
“We know every manufacturing and service company is unique, but we have found they all share a common thread. They have unutilized data and employee wisdom, which if used correctly, can maximize uptime. The challenge is to mine historical data from different silos in different formats, in some cases very unorganized data, and transform it into meaningful data in record time,” says Assaf Melochna, COO & Co-Founder of Aquant. “Vertical applications of AI and Machine Learning has been an important investment thesis of ours, over the past couple of years,” says Tal Morgenstern, Partner at Lightspeed.
“Aquant is a fantastic example for such an application. They’re going after a relatively ‘old school’ industry which is rapidly changing. Their ability to quickly drive results for customers stems from their unique know-how of this specific domain coupled with state of the art technology. We believe there’s a massive opportunity in the space and are very happy to partner with them.”