SAN FRANCISCO, Feb. 16, 2023 — Axion Ray, the AI platform transforming product integrity intelligence, today announced a $7.5M Seed round led by Amplo and co-led by Inspired Capital. Boeing, Tinicum Venture Partners, and former executives from leading manufacturers such as General Motors also participated in the round. The San Francisco-based company launched in 2021 to provide effective stopgaps against the hundreds of billions of cost manufacturers incur each year due to quality issues in the hands of customers.
Enabled by new AI algorithms that synthesize unstructured data into actionable insights, Axion’s technology flags engineering issues months earlier, allowing companies to intervene at the first signal and prevent losses from recalls. The company works with manufacturers across industries to surface safety and quality risks mined from service networks, dealerships, connected sensors, production, supplier management, and other data sources.
“Manufacturers are engineering increasingly complex products and integrity challenges have grown exponentially, impacting customer safety and satisfaction. Leaders want to react faster but learn about problems months too late. By leveraging advancements in artificial intelligence, including Generative AI, Axion helps manufacturers set up a proactive command center platform that empowers executives and engineers to respond in real time,” says Daniel First, Founder & CEO at Axion. “Between supplier quality challenges, difficulties with software-rich products, and an engineering workforce with high turnover, enhancing product integrity has never been more important to our partners.”
Axion works with OEMs and suppliers across industries. Their rapidly expanding customer base includes Boeing, Penn Engineering, Cummins, and other manufacturers across aerospace, defense, automotive, and medical devices.
“As a major tier 1 supplier into multiple global markets, our service networks produce reams of unstructured data in different databases. This data often contains valuable information that can enable us to proactively detect, understand, and manage our largest emerging issues, and more. Axion Ray shows great promise to our engineering and analysis teams to mine these hidden gems—enabling us to react faster to any emerging problems,” says Stuart Davey, Director of Field Quality at Cummins.
“Axion’s advanced artificial intelligence coupled with deep industry understanding will strengthen Boeing’s delivery of high-quality products, by becoming more digitally enabled,” adds Nicola Bates, Head of Innovation Programs at Boeing.
“Axion has become a market leader in proactive engineering management” says Samuel Garcia, Partner at Amplo, who will be joining Axion Ray’s board. “The biggest driver of their growth is their ability to show companies the massive revenue and cost savings they can realize in just days after implementing the platform.”
To meet soaring customer demand, the funding will be used to fuel a wave of hires in engineering and artificial intelligence.
About Axion Ray
Axion Ray is the only AI-powered proactive intelligence platform that extracts actionable insight from unstructured manufacturing data in real time, effortlessly. We are headquartered in San Francisco and backed by leading venture capital firms. For media inquiries reach out to [email protected]. Learn more at axionray.com.
SOURCE Axion Ray
