Praemo Raises CAD $4.5 Million from McRock, Caterpillar Venture Capital and BDC Capital’s Industrial Innovation Venture Fund

FOR IMMEDIATE RELEASE

 

Kitchener, Ontario–(October 9, 2020) – McRock iNFund LP, an Industrial Internet of Things (IIoT) venture capital fund managed by McRock Capital, announced today it has increased its investment in Kitchener based Praemo Inc., an innovative prescriptive analytics company that provides AI-based solutions for industrial operations. Caterpillar Venture Capital Inc. and BDC Capital Inc.’s Industrial Innovation Venture Fund co-invested in this financing.

Praemo’s Razor™ technology harnesses the power of machine learning to provide prescriptive insights to dramatically improve productivity, safety and quality in industrial operations. Praemo combinesits unique expertise in industrial asset and process performance management with data science to deliver learned machine behaviour which automatically generates actionable recommendations in real-time.

“We are excited to be working with Caterpillar Venture Capital Inc. and BDC Capital Inc.’s Industrial Innovation Venture Fund, and to expand our relationship with McRock. This group of investors speaks to the value Praemo brings to industrial operators; McRock as a leader in the industrial IoT technology space, BDC Capital as a key shareholder providing the capital needed to drive this next wave of advancement, and Caterpillar Venture Capital Inc., a wholly-owned subsidiary of Caterpillar Inc., the world’s leading manufacturer of construction and mining equipment, engines, turbines and locomotives.”, said Michael Martinez, co-founder and CEO at Praemo. “This additional funding allows us to accelerate our technology roadmap while sharing our customers’ successes more broadly across the industrial marketplace.”

“Praemo not only identifies real-time machine anomalies, but even more importantly, sends prescriptive alerts so that the appropriate preventative action can be quickly taken”,said Whitney Rockley, Co-founder and Managing Partner at McRock. This capability is catching the attention of large industrial operators like Caterpillar that are looking for a solution that does more than just tell them they have a problem developing. It also tells them how to best fix that emerging problem”, said Whitney Rockley who continues to serve as the Chair of Praemo’s Board of Directors.

“Caterpillar Venture Capital’s investment illustrates a recognition that prescriptive analytics will play an integral role in the growth of Caterpillar’s services business,” said Michael Young, Vice President of Caterpillar Venture Capital Inc.

“Praemo has managed to distinguish itself from other industrial IoT players in the field in part because, the company developed the RazorTM engine based on many years of toiling in the Industrial asset operations vertical. They were quick to leverage lean asset management strategies, which allow for a quicker time to value”, said Joe Regan, Managing Partner, Industrial Innovation Venture Fund at BDC Capital.

“Combining this with machine learning, Razor™ is helping operators to drive true, sustainable operations, through real time actionable insights”, said Aditya Aggarwal, Principal with the Industrial Innovation Venture Fund which will be an observer on Praemo’s Board of Directors.

About Praemo —

Praemo is creating a future without disruptions by quickly extracting value hidden in industrial IoT and production data organizations already have and turning it into actionable insights without consuming the bandwidth of operations or data science teams. Founded by industry experts, Razor™ was developed utilizing real-world experiences, and leverages Artificial Intelligence/Machine Learning to provide a non-intrusive solution for our customers – an AI-Mentor looking for any opportunity to improve performance. For more information, please visit Praemo.com and follow us on LinkedIn.

About McRock Capital —

McRock is the first dedicated Industrial Internet of Things (IIoT) venture capital fund manager focused on the intersection of sensors and software in large industrial markets and smart cities. The McRock team has a unique background of building high-growth venture-backed IIoT companies while also having worked in the power, water, oil and gas industries. McRock is backed by several leading institutional investors and global corporations including Cisco Systems, Caterpillar, Shell, Mitsubishi, AspenTech and Électricité de France (EDF). For more information, visit McRockCapital.com and follow on Twitter @McRockCapital.

About Caterpillar Venture Capital Inc. —

Caterpillar Venture Capital Inc. assists entrepreneurs around the world to grow and scale their businesses to build today for a better tomorrow by leveraging Caterpillar’s industry expertise, supply base and independent dealer network. Caterpillar Venture Capital’s focus areas of investment include robotics, energy, advanced materials, and digital solutions that help its customers be successful. Caterpillar Venture Capital is a wholly owned subsidiary of Caterpillar Inc., the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For more information, visit Caterpillar Ventures.

About BDC Capital Inc. —

BDC Capital is the investment arm of BDC- Canada’s only bank devoted exclusively to entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic Caterpillar: Confidential Green partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.

Praemo Raises $3.5M in Series A Funding for Razor™ Technology, Redefining the Future of Industrial Operations

FOR IMMEDIATE RELEASE

McRock Capital led funding round to accelerate delivery of Praemo’s Artificial Intelligence (AI) powered and Industrial Internet of Things (IIoT) based technology

KITCHENER, ONTARIO | AUGUST 22, 2019 — Praemo, experts in optimizing industrial operations, announces the $3.5 million Series A funding round for the company’s revolutionary Razor™ technology, led by McRock Capital. With this financing, Praemo will be well equipped to propel industrial operations forward with their proven AI-powered performance solution.

Founded by industry veterans, Praemo generates actionable insights from existing IIoT and operational data. The company’s Razor™ technology leverages Artificial Intelligence (AI) to deliver greater performance across industrial sectors, helping to improve the operational environments of its customers. Designed to be adaptive for a broad range of industries, the technology has been deployed in leading Automotive, Industrial Equipment Manufacturing, Injection Molding and Food and Beverage operations.

Very few companies understand how to apply advanced tools in a broad, sustainable and cost-effective way for industrial operations. “It was critical for us to validate the impact of our AI-based solution Razor™ in real operations before taking it to the broader market. Now that we’ve done that, closing this round with the team at McRock really validates not only the critical need for this solution, but the fact we’re delivering on the promise of Industry 4.0 and the IIoT,” says Michael Martinez, CEO and co-cofounder of Praemo.

“Rarely do we see an analytics company that has deep industry domain expertise combined with a laser focus on a key vertical market that they intimately understand,” says Whitney Rockley, co-founder and Managing Partner at McRock. “Praemo is throwing out the guardrails in algorithmic thinking and providing a tool that does not have artificial bias embedded in it. This improves accuracy and enables it to identify patterns and anomalies — delivered as actionable insights — that drive quality and throughput in ways we have never seen.”

Lean, AI-based solutions allow a broad range of industrial companies to take advantage of their existing data, despite the source or its inherent disparity, to create a step change in performance.

“We’ve been there – transforming industrial operations. We understand the problems front-line teams face in trying to digest huge amounts of data, turn it into action that can drive continuous improvement, and link it to a responsive supply chain. Add to that the reality of fewer operators and the rapid exit of the most experienced individuals, and we see AI as key to unlocking real value from all the data collected,” says Paul Boris, EVP and CRO of Praemo.

The investment will aid in accelerating the growth of Praemo —  providing the company an opportunity to broaden its market reach, expand key partnerships and further build out its AI-based technology Razor™.

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About Praemo —

Praemo is creating a future without disruptions by extracting the power of your data and turning it into actionable insights. Praemo was founded by industry veterans, and Razor™ was developed utilizing real world experiences to solve problems leveraging Artificial Intelligence/Machine Learning by providing a non-intrusive solution for our customers.

Website: www.praemo.com
Twitter: @PraemoAI
LinkedIn: Praemo

About McRock Capital —

McRock Capital is the first dedicated Industrial Internet of Things (IIoT) venture capital fund focused on the intersection of sensors and software in large industrial markets. The McRock team has a unique background of building high-growth venture-backed IIoT companies while also having worked in the power, water, oil and gas industries. McRock is backed by several leading institutional investors as well as Cisco Systems, Caterpillar and Électricité de France (EDF).

Visit www.mcrockcapital.com and follow on Twitter @McRockCapital.

Website: www.mcrockcapital.com
Twitter: @McRockCapital
LinkedIn: McRock Capital

Praemo Names Industry Veteran Paul Boris Executive Vice President and CRO

FOR IMMEDIATE RELEASE

Kitchener-based Praemo announces new leadership, propelling industrial operations forward with their proven AI-powered performance solution

KITCHENER, ONTARIO | AUGUST 21, 2019 — Praemo founder and CEO Michael Martinez announces the addition of industry veteran Paul Boris to the company’s leadership team in the role of Executive Vice President and CRO.

With an esteemed reputation positioning him as a thought leader on topics of the Industrial Internet of Things (IIoT) and digital transformation, Boris brings his extensive industry experience to his new role at innovative prescriptive analytics company Praemo.

As the company shifts its focus towards accelerating growth on all fronts, the appointment of Paul Boris to EVP and CRO comes at an opportunistic time. Praemo launched its Razor™ technology less than a year ago, successfully engaging large enterprise and mid-market customers in the US and Canada, across a number of key verticals.

“Now that we’re exiting stealth mode, the addition of key, senior leadership is absolutely critical to accelerating growth and ensuring our customers’ success. We’re fortunate to have someone with the depth of industrial experience and a demonstrated history of success that Paul brings,” says Martinez.

Boris started his career running industrial operations and held roles as a Global Vice President at SAP, CIO of Advanced Manufacturing Strategy at GE, and COO of industrial wearables company Vuzix. He has driven significant software revenue growth and customer expansion across the industrial sector, advised the leadership teams at hundreds of companies globally on digital transformation, and led digital transformation at one of the world’s largest industrials. In his role at Praemo, he will be tapping his vast manufacturing experience to define strategy, deliver on growth targets and team with customers and partners to implement solutions that will disrupt the prescriptive analytics space for industry. Boris also served as an advisor to Praemo from its founding.

AI is an incredible tool for industrial operators, but providers rarely understand the space — and even when they do, they often underestimate what it takes to transform operations resulting in an endless cycle of pilot purgatory. “Industrial operators are at the threshold of making a step change in performance with the proper application of these advanced tools. Praemo has a solution and approach to delivery that is lean, pull-based and can scale rapidly across operations. Simplifying delivery, eliminating risk and enabling a customer’s digital transformation is at the heart of what we deliver, and I’m excited to help transform industry with the team at Praemo,” says Paul Boris, EVP & CRO.

With this exciting new appointment, Praemo is poised to revolutionize industrial operations.

Paul Boris, EVP and CRO, Praemo

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About Praemo —

Praemo is creating a future without disruptions by extracting the power of your data and turning it into actionable insights. Praemo was founded by industry veterans, and Razor™ was developed utilizing real world experiences to solve problems leveraging Artificial Intelligence/Machine Learning by providing a non-intrusive solution for our customers.

Website: www.praemo.com
Twitter: @PraemoAI
Facebook: @praemoai
Instagram: @praemo.iiot
LinkedIn: Praemo