Guidewheel, a US-based AI platform for factories, has announced raising $31 million in its Series B funding round led by Decarbonization Partners, a partnership between asset manager BlackRock and Singapore state investor Temasek.
The company, whose platform provides AI-powered FactoryOps to enable factories to reach sustainable peak performance, said the round was also participated by a host of investors, including Ecolab, Rethink Impact, GSBackers, Greycroft, and Breakthrough Energy Ventures, among others.
FactoryOps refers to a new category of technology designed to optimise factory operations by integrating machines of all ages and types into a connected network through the cloud.
Guidewell enables real-time monitoring and management of every machine in a factory by using sensors that connect machines to centralised AI-powered platform.
The company said it helps manufacturers reduce production downtime, increase efficiency, and achieve sustainability goals and claims that its customers have reported a 41% increase in production from existing assets using the platform.
“We started Guidewheel because we saw first-hand how difficult it was for manufacturers to improve the performance of their operations without visibility into what was happening with machines on the factory floor,” said Lauren Dunford, the company’s co-founder and CEO.
Guidewheel plans to use the new funding to accelerate product development, scale its AI team, and enhance customer support. The company last raised $9 million in its Series A-1 funding in 2022.
“We’re excited to support Guidewheel not just because their technology solves an important problem for manufacturers, but because they’ve found a way to build sustainability into the core of manufacturing operations,” said Dr. Meghan Sharp, global head and chief investment officer of Decarbonization Partners.
Decarbonization Partners focuses on late-stage venture capital and early-growth private equity investing in next-generation companies.
In April, the vehicle announced the final close of its inaugural fund at $1.4 billion, exceeding its target of $1 billion. Apart from BlackRock and Temasek, investors in the fund include Allstate, BBVA, KIRKBI, Mizuho Bank Ltd., MUFG Bank Ltd. and TotalEnergies among others.
