Israeli startup DeepSense (formerly known as SmartLogic) has completed a $2 million financing round. The company specializes in long term prediction of industrial machine failure, to minimize downtime.
The round was led by AfterDox, an active angels fund in the Israeli market, with JANVEST Capital Partners and SeedIL, and follows a Chief Scientist grant to the company earlier this year.
DeepSense’s system collects immense amounts of data at very high speed from dozens of sites (hundreds of machines and thousands of sensors) and streams the data to the Cloud in real-time.
Using unique, advanced neural-network architectures, the DeepSense analytic engine autonomously learns how similar groups of machines behave. This engine then interlinks events with components within the machines, and with various systems at the industrial site. It is thereby able to detect abnormal events, to find correlations between such events, and ultimately to predict evolving failures.
Once it detects the evolution of an abnormal pattern, the system generates alerts about the upcoming failure, and provides valuable information about the remaining time to the failure, its origin in the system, and, on the basis of past occurrences, even recommends the best known solution to it.
DeepSense, employs eight engineers and is located in the Matam industrial park in Haifa. The company was founded in October 2015 by David Lavid (CTO), Eitan Vesely (CEO) and Dr. David Almagor (chairman), with the goal of becoming a major player in the emerging field of "Industrial IoT" and a global provider of deep AI based predictive maintenance services. The company graduated from the Microsoft Accelerator program as well as the Technion - Israel Institute of Technology's accelerator BizTec.
"The company was founded in order to provide a solution to manufacturers and machine operators which incur great losses from machine failures and unplanned shutdowns," said Vesely, "At this point our main focus is on the energy market - power plants, turbine manufacturers and operation & maintenance companies. Our system is already installed in a power plant in the US, and we are currently in discussions with additional energy providers."
Almagor added, "In addition to the leading edge solution providing significant value and technology to traditional customers and industries, we have a non-traditional, heterogeneous team composed of entrepreneurs who are some of them young and some of them experienced and successful entrepreneurs. This current round will enable us to expand our R&D team and recruit additional machine learning developers, deep learning researchers and big data experts. In addition, the funds will be used to establish a presence in Europe."
Published by Globes [online], Israel business news - www.globes-online.com - on June 14, 2016
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