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Friday, July 19, 2024

Norwegian startup collects $3.5M to pave the way for no-code engineering empowerment

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Intelecy, a cutting-edge no-code platform based in Oslo, has successfully raised a substantial $3.5 million in its recent investment round. Led by Yara Growth Ventures, the funding round also saw significant contributions from GC Rieber, Aidiom, and Investinor. Intelecy’s software tools empower factory engineers by allowing them to effortlessly create robust machine-learning models using production data, all without the need for coding skills. The infusion of fresh capital will play a pivotal role in bolstering the company’s marketing, sales, and product development endeavors. In a notable development, Erkki Altonen, CEO of Yara Growth Ventures, and Egil Garberg, investment director of Investinor, have joined Intelecy’s esteemed board of directors.

Intelecy provides a no-code AI platform, specifically tailored for industrial engineers and plant operators, eliminating the need for manual coding. By utilizing the platform, process engineers can rapidly create AI models to optimize processes that reduce waste, emissions, energy consumption, and costs. Intelecy serves customers in the chemicals, energy, food and beverages, mining and minerals, and utilities industries.

“Intelecy has developed exciting AI solutions for production and process optimization. We have received very strong recommendations from Intelecy’s industrial customers. Yara invests in Intelecy since we consider it a strategic priority to participate in the development of AI for the industry,” says Ulf Berg, SVP Portfolio Development in Yara International ASA and chair of the board at Yara Growth Ventures.

Intelecy is satisfied with having Yara as a new lead investor.

“Yara is the world’s leading crop nutrition company, and a global provider of environmental and agricultural solutions. We consider the investment from Yara Growth Ventures a great validation of our vision, which is to help factory workers make industrial production more sustainable by optimizing production, reducing waste and energy consumption, and eliminating harmful emissions,” says Bertil Helseth, CEO and founder of Intelecy.

The industrial group GC Rieber also joined the investment round. GC Rieber is a customer of Intelecy and uses AI to optimize and digitalize the production of nutraceuticals.

“Our local factory workers use Intelecy to optimize the production of high-end Omega-3 concentrates and develop critical digital skills as part of the process. Intelecy has enabled us to embrace AI, making the factory smart and more sustainable. We are very impressed by the ease-of-use of the Intelecy solution,” says Fredrik Harloff, CIO at GC Rieber.

Advances in AI represent a huge value-creation potential for the process industry. But many AI projects still fail. Industry leaders often cite a lack of talent as the critical barrier to adopting AI.

“We invest because Intelecy helps solving the skills gap in manufacturing by enabling the existing workforce to use AI,” says Jon Øyvind Eriksen, CEO at Aidiom and the chair of the board at Intelecy.

Investinor increased its ownership stake in Intelecy.

“At Investinor, we’re investing in the businesses of tomorrow, and few sectors hold as much promise as artificial intelligence and machine learning. Intelecy stands out in the industrial AI space by offering businesses easily implementable tools for optimizing efficiency. Intelecy is well-positioned to meet the growing demand for intelligent and sustainable manufacturing solutions,” says Investment Manager Egil Garberg at Investinor.

The Intelecy solution combines a user-friendly no-code interface with a secure two-way real-time data communication between the factory production systems and advanced machine learning algorithms for continuous optimization and predictive maintenance.

The investment round was co-led by the AI investor Aidiom and Investinor, Norway’s largest venture capital investor. The new funding will be used to strengthen marketing, sales and product development. Erkki Altonen, CEO of Yara Growth Ventures, and Egil Garberg, investment director of Investinor, join the board of directors.

“We look forward to benefit from Erkki’s and Egil’s extensive experience and network,” says Bertil Helseth, CEO and founder of Intelecy.

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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