NEW YORK, December 6, 2018 (Newswire.com) - New York-based Aquant announced raising of $10 million in series A funding led by Lightspeed. Other participants included World Trade Ventures, Angular Ventures and SilverTech Ventures.
Aquant is an AI-powered Service Intelligence platform for manufacturing and service companies. Aquant, which was founded in 2016 by Shahar Chen and Assaf Melochna, 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.
“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.Vertical applications of AI and Machine Learning has been an important investment thesis of ours, over the past couple of years. 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.
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.
“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.”
Aquant is an enterprise AI platform that uses machine learning to master the enterprise’s unique language and utilize it to maximize equipment uptime. Through AI and machine learning, Aquant enables companies to make smarter, faster, data-driven decisions by providing predictive actionable service recommendations. Aquant was built by industry experts with a passion to help companies eliminate the unplanned downtime of their products in the most profitable way. We call it Uptime as a Service.
About Lightspeed Venture Partners
LVP is an American Venture Capital firm focusing on early stage investments in the enterprise technology and consumer space. To date, the firm has backed more than 300 companies in the enterprise and consumer sectors—companies that have gone on to redefine the way we live and work. And many of them have chosen Lightspeed as a lead investor in their subsequent ventures.