Milwaukee-based artificial intelligence startup
Golgix announced this week it has closed a $600,000 seed funding round led by Milwaukee-based venture capital firm
Gateway Capital. The company also received a $200,000 investment from the
Idea Fund of La Crosse.
Golgix is focused on using AI within the manufacturing sector to help eliminate unplanned downtime and production interruptions due to unforeseen process and equipment failures. Golgix offers turnkey AI software that predicts failures on automated production lines for manufacturers in the food and beverage, paper, plastics, consumer goods, electronics, and pharmaceuticals industries.
Alongside its predictions, the software provides engineers and operators intelligence that can be used to help prevent downtime through proactive operating parameter adjustments and maintenance. The AI software is deployed in just four weeks.
“While manufacturers have long considered unplanned downtime an unsolvable problem, AI has proven that it is predictable and preventable with existing plant data,” said
Nitin Ranjan, chief executive officer of Golgix.
A
biannual report by Siemens revealed that Fortune Global 500 manufacturers lost over $1.5 trillion to unplanned downtime in 2022, or 11%, of their annual turnover.
“In Milwaukee and manufacturing-reliant communities across America, manufacturers are major employers that underpin economic activity,” said
Charlie Scott, co-founder and chief marketing officer at Golgix. “These employers are losing millions of dollars to preventable stoppages that erode quality, restrict productivity and threaten their global competitiveness. AI empowers manufacturers to reverse this trend.”
Golgix’s software has been tested across manufacturing industries and is currently in use at Hartford-based
Broan NuTone, an air quality systems manufacturer with products in 80% of U.S. homes.
“Manufacturers already have the necessary data to predict and prevent failures today,” said Ranjan. “Their automated machines log data that foreshadows failures, but they lack the means to pinpoint, interpret or act on it fast enough to avoid interruptions. Golgix provides that service.”
Golgix plans to uses its seed funding to expand its Milwaukee-based technical team, build an advisory board and secure additional manufacturing clients in the Milwaukee area and beyond.
