NEXOCRAFT raises €5 million in seed round and turns engineers into data scientists
11/24/2021 by Thomas Am Ende, Lead Marketing | NEXOCRAFT News
As a young Bonn-based technology company, we have successfully closed our current fundraising round and raised a comparatively large seed funding of € 5 million.
NEXOCRAFT is backed by a top-class team of investors. Christian Federspiel, for example, sees great potential in providing engineers with easy access to the productive use of artificial intelligence. He recently made headlines as one of the first investors in Spire Global Inc. This company is now valued at around € 2 billion ($2.3 billion) following a successful SPAC merger on the NYSE. The Bonn-based team is aiming for no less. While Spire Global is dedicated to the vision of capturing data via nanosatellites in space and making it available to as many as possible to solve complex challenges, NEXOCRAFT has set out to digitize the global market of industrial production, connecting engineers and machines even more closely.
The special thing about Nexocraft's approach is the revolutionarily simple access to the technical possibilities of artificial intelligence: not the complex world of machine learning, rather, the engineer and his needs are the focus of the company. Since the NEXOCRAFT solution can be quickly adapted to a wide variety of technical systems and processes, I see almost unlimited worldwide potential and thus the next German Unicorn growing up.
The way to Smart Factory
Most technical systems in use by manufacturing companies today exist as stand-alone solutions. The holistic optimization of overall plant effectiveness is thus made significantly more difficult and quickly reaches its limits. NEXOCRAFT's solution is based on two pillars. Firstly, the acquisition of all available machine data of the production lines, independent of the machine manufacturer and with the additional option of retrofitting missing sensor technology. Second, the automatic and intelligent linking of all available data streams through AI. This enables customers to sustainably increase plant availability, quality and performance at a rapid pace.
Artificial intelligence becomes standard equipment for industrial plants
A true smart factory is within reach thanks to AI. NEXOCRAFT is making it as easy and cost-effective as possible for industrial customers to get started. Since conventional IoT platforms usually require significant customization and project planning efforts on the part of the customer, NEXOCRAFT has developed its own AIoT platform and designed it for target industries as a product that can be implemented quickly. The price model is comparable to a Netflix subscription: As a flat rate and with no "small print", the AI-based machine/plant optimization is available from 120€ per month. There is no need for time-consuming consulting projects; instead of cost traps, there is complete cost control and transparency. The European market is massive. For example, in the plastics processing industry in Germany alone, there are about 3,500 potential customers waiting to be digitally networked and equipped with AI.
Hardly any industrial production process in the near future will be without the technological edge provided by Artificial Intelligence. AI will be part of the standard repertoire of machines and technical systems. We precisely define this AI standard and create a scalable product from it.
The dream of green production plants is getting noticeably closer
In most cases, users and producers are well aware that great potential for optimization - through resource savings in raw materials, energy and optimized use of human and machine resources - is still dormant. However, the insights required for optimization are hidden in the process data of the plants and were thus hardly usable - until now. This potential can now be realized with AI. NEXOCRAFT brings all data streams together, makes them transparent and extracts the necessary information content, making efficiency gains swiftly achievable.
The digitalization of production and supply chains can no longer be stopped and the way there has never been as easy or as quick to implement as it is today. Sophisticated interfaces and highly flexible standard software make it possible. With NEXOCRAFT, we are at the forefront here.
In summary, NEXOCRAFT develops technology to monitor and optimize the overall equipment effectiveness of machines and production processes. At our core, we fuse AI and IoT into a holistic SaaS solution. By focusing on defined target markets, scalability is ensured and customers benefit from standardized, simple commissioning. Project planning and customization efforts are a thing of the past with the NEXOCRAFT solution.
From a technological point of view, we have the universal key to unlock the potential of various industries and to successively establish NEXOCRAFT in further industries. Currently, we are focusing on the digitization of the plastics processing industry, a market that holds 1.2 billion EUR in Western Europe alone. With the planned international growth trajectory, Series-A should then follow at the end of 2022. Our credo for the start-up of future industries is high process inefficiencies on the one hand and a significant CO2 footprint on the other, which must be reduced.
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Author: Thomas Am Ende | Lead Marketing
Thomas Am Ende is marketing lead at NEXOCRAFT. His passion is to unite customer-centric engineering, the business perspective and digitalization. For him, equipping industrial production with AI in a direct and simple way is the big goal behind Industry 4.0.