UK-based industrial AI startup with Russian roots Conundrum has raised $1.5 million in funding from Speedinvest Industry.
Conundrum AI applies deep learning and automated machine learning techniques to help industrial customers predict equipment failures and decrease downtime they can cause. It also builds so-called “digital twins,” precise digital models of enterprise physical equipment that can be used in predictive maintenance, quality control, and manufacturing optimisation. The startup currently focuses on industries like pulp and paper, metals and mining, oil and gas, chemicals, and pipes manufacturing.
Conundrum plans to use this seed round to expand across Europe and the US. It also stated that it's “making integration and licensing deals with a number of key global players in strategic industries.”