Praemo names Mike McFarlin Vice-President, Strategic Accounts

FOR IMMEDIATE RELEASE

Kitchener-based Praemo adds software veteran with deep experience in the industrial marketplace, Mike McFarlin as Vice President, Strategic Accounts.

KITCHENER, ONTARIO | July 1st, 2021 —

Leveraging IoT and operational data as-is, where-is, Praemo accelerates the adoption of AI and Machine Learning for manufacturing and industrial operators. This unique approach eliminates costly and time-consuming data preparation, speeds time to value and virtually eliminates operational risk.

“As we continue to grow, it was critical for us to add a proven leader in the enterprise software space. Mike is a perennial top performer with success at the largest companies like SAP, PTC and Infor, as well as emerging market leaders like Lighthammer and ThingWorx,” said Paul Boris, President & CRO at Praemo. “The addition of a veteran sales executive like Mike is key to moving us to the next level.”

“Praemo’s technology leverages the existing IoT investment industrial operators already have in place to drive the next level of performance,” says McFarlin. “It’s critical for companies to extract all the value from that investment, and Razor™ does this while eliminating unnecessary cost and time related to data prep. This will change how manufacturers deploy AI and Machine Learning.”

Praemo’s Razor™ has been successfully utilized in large enterprise and mid-market customers in the US, Canada, and EMEA across a number of key verticals like Mining, Consumer Products, Automotive, and in both process and discrete manufacturing. Praemo has added key markets with resources in the Austral-Asia region, and with the selection by a leading provider of Digital Innovation in Mexico, Alestra as part of their innovation scale-up program.

About Mike McFarlin

Industrial operators and manufacturing companies have been using data and analytics to improve performance for decades, and Mike McFarlin has been supporting their success his entire career. Mike has traveled from his industrial control roots at ABB to the pioneering enterprise manufacturing intelligence space, to full suite enterprise software, IoT, and full suite digital transformation solutions. With this deep understanding of the end-to-end processes and technologies used in operations, McFarlin saw how leveraging the resulting data exhaust created significant value for the enterprise and supporting new levels of industrial performance. Mike has partnered with his customers throughout his career to employ the right technology to accelerate critical transformations at some of the leading manufacturers in the world. He’s enjoyed tremendous success along the way at innovative software companies like SAP, PTC, and Infor; and has delivered success at start-ups defining the I4.0 space like Lighthammer, later purchased by SAP and ThingWorx, later purchased by PTC. Throughout his career, his focus has remained unchanged – helping clients recognize and adopt leading technologies to win.

LinkedIn

About Praemo

Praemo is creating a future without disruptions for manufacturing and industrial operations. By leveraging the data and systems you already have, as-is, where-is, Razor™ exposes actionable insights that your teams can use to avoid downtime and quality issues while maximizing throughput. Founded and led by industry veterans, and Razor™ utilizes Artificial Intelligence/Machine Learning to provide a non-intrusive solution for our customers that delivers value faster than any competitive approach. If you’re not extracting all the value from the data and systems you already have, Razor™ can help.

Praemo is proud to have achieved Diversio’s Platinum Certification, its highest level of recognition identifying our team as “Best in Class.” To achieve this recognition, a “Platinum Certified organization not only demonstrates a diverse & inclusive culture, it actively supports Inclusive Businesses in its network or supply chain.

https://diversio.com/assets/images/certifications/levels/DiversioCertification.pdf

Praemo Leadership:

Michael Martinez, Founder & CEO

Paul Boris, President & CRO

Paul Hancock, Founder & CFO

Andy Henderson, CTO

Thomas Hynes, Managing Director

Links:

WebsiteTwitter: @PraemoAI / Facebook: @praemoai / LinkedIn: Praemo / Additional Resources

Praemo continues expansion, Thomas Hynes joins leadership team as Managing Director, Australia.

FOR IMMEDIATE RELEASE

Praemo continues expansion , Thomas Hynes joins leadership team as Managing Director, Australia.

KITCHENER, ONTARIO | June 9th, 2021 —

Canadian Industrial Analytic provider Praemo continues global expansion into Australia and announces Thomas Hynes has joined the company as the Managing Director for the region. In addition, Hynes will also drive the expansion of the Mining and Metals segment, globally.

“Mining and Metals are key sectors for Praemo. These operations can benefit from the deployment of advanced tools like AI and Machine Learning to drive performance and uptime of critical assets. Tom’s deep experience in supply chain and asset-intensive environments means he’ll be able to help industrial leaders get the greatest value from the investments they’ve already made in the IoT,” said Paul Boris, President and CRO of Praemo.

“I’m excited to join the Praemo team,” said Hynes. “Razor™ is unique in the ability to consume industrial data from existing systems, as-is, where-is, eliminating the need for a customer to ‘prep’ the data in any way. This means our customers can get incremental value from their existing investments, far sooner, and virtually eliminate risk to operations.”

Praemo’s Razor™ has been successfully utilized in large enterprise and mid-market customers in the US, Canada, and EMEA across a number of key verticals like Mining, Consumer Products, Automotive, and in both process and discrete manufacturing. Praemo has added key markets with resources in the Austral-Asia region, and the selection by a leading provider of Digital Innovation in Mexico, Alestra as part of their innovation scale-up program.

About Thomas Hynes

Thomas is a global professional with over 25 years of experience leading and managing businesses for the delivery of Asset Management solutions and services. Initially focused on Supply Chain advisory optimization services, Thomas has developed a portfolio of knowledge and experience applying cutting-edge solutions to drive productivity improvement across the lifecycle of assets. He has led many large-scale transformation projects for major global brands for industries including Infrastructure, Mining, Oil and Gas, and Telecommunications.
Thomas prides himself on building long-term and rewarding relationships, high caliber and motivated teams, and delivering outstanding customer service.

LinkedIn

About Praemo

Praemo is creating a future without disruptions for manufacturing and industrial operations. By leveraging the data and systems you already have, as-is, where-is, Razor™ exposes actionable insights that your teams can use to avoid downtime and quality issues while maximizing throughput. Founded and led by industry veterans, and Razor™ utilizes Artificial Intelligence/Machine Learning to provide a non-intrusive solution for our customers that delivers value faster than any competitive approach. If you’re not extracting all the value from the data and systems you already have, Razor™ can help.

Praemo is proud to have achieved Diversio’s Platinum Certification, its highest level of recognition identifying our team as “Best in Class.” To achieve this recognition, a “Platinum Certified organization not only demonstrates a diverse & inclusive culture, it actively supports Inclusive Businesses in its network or supply chain.

https://diversio.com/assets/images/certifications/levels/DiversioCertification.pdf

Praemo Leadership:

Michael Martinez, Founder & CEO

Paul Boris, President & CRO

Paul Hancock, Founder & CFO

Andy Henderson, CTO

Thomas Hynes, Managing Director

Praemo Board of Directors:

Whitney Rockley Co-founder of McRock Capital, Praemo’s Board Chair

Michael Martinez Founder & CEO

Paul Boris President & CRO

Bob Fei President & CEO, Life Cycle Engineering

Andy Goodwin Former CEO, SMEC

Board Observers:

Craig Lange Strategy & Growth Director, Caterpillar

Aditya Agarwal Principal, Venture Capital (Industrial Innovation Fund), BDC

Links:

WebsiteTwitter: @PraemoAI / Facebook: @praemoai / LinkedIn: Praemo / Additional Resources

Praemo taps industry leader Paul Boris for role of President, expands into new markets

FOR IMMEDIATE RELEASE

As Kitchener-based Praemo accelerates growth with industrial customers in advanced analytics and artificial intelligence, Paul Boris takes the role of President.

KITCHENER, ONTARIO | AUGUST 21, 2019

Praemo founder and CEO Michael Martinez announces the decision to move industry veteran Paul Boris to the role of President and CRO. This announcement comes as Praemo accelerates adoption in key markets.

Industrial deployment of deep analytics powered by tools like Artificial Intelligence (AI) and Machine Learning continues to expand aggressively. Praemo’s analytic engine, Razor™ simplifies deployment by utilizing data as-is, where-is with no need for costly harmonization. Razor™ dramatically reduces time to value, maximizes asset uptime, eliminates quality disruptions and optimizes throughput of critical processes.

Boris joined Praemo at its founding as an early advisor, then took the role of EVP and CRO in 2019. Praemo closed their Series A round late in 2020 with investment from McRock Capital, Caterpillar Ventures and the BDC Innovation Fund. “Moving Paul into the role of President was an obvious choice as the business continues to accelerate”, said Michael Martinez, founder and CEO of Praemo. “His deep industrial background and long, successful history of expanding technology-driven business has enabled us to get to the next level.”

“Industrial supply chains continue to struggle, and it’s critical they utilize the capital they’ve already deployed to drive their I4.0 initiatives, as well as every technical advantage to stabilize and improve performance,” said Boris. “Praemo has built a technology that is core to that mission, and I am excited to lead a team that is second to none as we continue to grow.”

Whitney Rockley, co-founder of McRock Capital and Praemo’s Board Chair said, “Throughout my career, it is rare to see an analytics company that has deep industry domain expertise combined with a laser focus on key vertical markets that they intimately understand. This is Praemo, and we are excited to see industry veteran, Boris, taking on the role of President.”

Praemo’s Razor™ has been successfully utilized in large enterprise and mid-market customers in the US, Canada, and EMEA across a number of key verticals like Mining, Consumer Products, Automotive, and in both process and discrete manufacturing. Earlier this year, Praemo added key markets with resources in the Austral-Asia region, and the selection by a leading provider of Digital Innovation in Mexico, Alestra as part of their innovation scale-up program.

About Paul Boris 

President and CRO, Praemo 

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 leadership teams at hundreds of companies globally on digital transformation, and led digital transformation at one of the world’s largest industrials. 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 is a member of the Board of Directors for Praemo and had served as an advisor to Praemo from its founding. He currently advises startups in the robotics and AI space, and has previously served on the board of the publiclytraded wearable company, Vuzix, as well as the National Association of Manufacturers. 

LinkedIn / Twitter

About Praemo

Praemo is creating a future without disruptions for manufacturing and industrial operations. By leveraging the data and systems you already have, as-is, where-is, Razor™ exposes actionable insights that your teams can use to avoid downtime and quality issues while maximizing throughput. Founded and led by industry veterans, and Razor™ utilizes Artificial Intelligence/Machine Learning to provide a non-intrusive solution for our customers that delivers value faster than any competitive approach. If you’re not extracting all the value form the data and systems you already have, Razor™ can help.

Praemo is proud to have achieved Diversio’s Platinum Certification, its highest level of recognition identifying our team as “Best in Class.” To achieve this recognition, a “Platinum Certified organization not only demonstrates a diverse & inclusive culture, it actively supports Inclusive Businesses in its network or supply chain.

https://diversio.com/assets/images/certifications/levels/DiversioCertification.pdf

Praemo Leadership:

Michael Martinez, Founder & CEO

Paul Boris, President & CRO

Paul Hancock, Founder & CFO

Andy Henderson, CTO

Praemo Board of Directors:

Whitney Rockley Co-founder of McRock Capital, Praemo’s Board Chair

Michael Martinez Founder & CEO

Paul Boris President & CRO

Bob Fei President & CEO, Life Cycle Engineering

Andy Goodwin Former CEO, SMEC

Board Observers:

Craig Lange Strategy & Growth Director, Caterpillar

Aditya Agarwal Principal, Venture Capital (Industrial Innovation Fund), BDC

Links:

WebsiteTwitter: @PraemoAI / Facebook: @praemoai / LinkedIn: Praemo / Additional Resources

Praemo taps industry leader, Dr. Andy Henderson, for role of Chief Technical Officer

FOR IMMEDIATE RELEASE

Kitchener-based Praemo announces the appointment of an industry leader to the roles of Chief Technology Officer

KITCHENER, ONTARIO | Nov 1, 2020

Praemo founder and CEO Michael Martinez announces the appointment of Dr. Andy Henderson to the role for Chief Technology Officer.

Dr. Henderson joined Praemo immediately after its founding as the Vice President of Technology. With a PhD in Automotive Engineering, he has a long history of utilizing data and analytics to improve performance for industrial use cases. He joined Praemo from his role in GE Digital, and focused on developing Praemo’s analytic engine Razor™.

“Dr. Henderson’s combination of academic research and practical industrial experience makes him well suited to lead the development of our core solution. He has the ability to simplify complex use cases into repeatable scenarios, that will allow for the broad deployment of Razor™ across key sectors like Mining, Consumer Products, Food and Beverage, Chemical and Oil & Gas,” said Michael Martinez, founder and Praemo’s CEO and President.

Praemo’s analytic engine Razor™ is built to deliver prescriptive insight to industrial operations simplifying deployment by utilizing data as-is, where-is with no need for costly harmonization. Razor™ reduces time to value, maximizes asset uptime, eliminates quality disruptions and optimizes throughput of critical processes.

“Industrial operations have spent an enormous amount of time and money expanding their IoT landscape and deploying solutions intended to complement that. Razor™ will allow them to extract more value from the data and systems they already have in order to become more prescriptive in identifying impending disruptions,” said Dr. Henderson. “Visibility to what were previously ‘unanticipated’ downtime events, quality anomalies or production delays are buried in the data companies already have.”

Praemo’s Razor™ will support the I4.0 efforts of large enterprise and mid-market customers in the US, and Canada across a number of key verticals like Mining, Consumer Products, Auto and discrete manufacturing.

About Dr. Andy Henderson, CTO at Praemo

Data acquisition, data analysis, and process modeling have been central to every role Andy had at Caterpillar, during doctoral research, and at GE. He led efforts inside GE to implement data collection and analysis systems in GE internal factories and worked with GE Digital customers to define their needs for digital transformations inside of their factories. He remains a practitioner, applying digital technology within industrial operations, and a zealot for the value that comes from leveraging those technologies.

-30-

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

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™.

-30-

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