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Australian AI solution keeps global manufacturing running
Overview
- Machine breakdowns are a global problem for manufacturers. Unplanned downtime costs the global manufacturing sector over a trillion dollars each year.
- This urgent issue now has a solution thanks to a partnership between Antler Australia and Factory AI.
- Factory AI uses AI to keep manufacturing production running.
- Antler Australia is backing Factory AI through Antler Fund II, a registered Early Stage Venture Capital Limited Partnership (ESVCLP).
- As it is a registered ESVCLP, investors in Antler Fund II receive tax concessions from the Australian Government. This boosts investment in early stage businesses like Factory AI.
About Antler Fund II
Antler is a leading Australian investor in AI, backing founders from early to late stage investment. Antler helps startups grow without getting in the way of delivery. They also help startups with introductions, sourcing talent, customer pipelines, office space and strategic advice.
Antler Fund II benefits from tax incentives through the ESVCLP program.
Antler enables startups to go further, faster.
About Factory AI
Factory AI uses AI to continuously monitor manufacturing equipment and machinery. It can detect problems before they happen, so manufacturers can fix the issue and keep production running efficiently. Even a small improvement in equipment effectiveness can save manufacturers hundreds of thousands of dollars every year.
We’re doing this to democratise predictive maintenance and give every manufacturer, large and small, access to the same reliability gains.
Without a system like Factory AI, manufacturers must rely on conducting maintenance on a time-based schedule. As most equipment failures do not happen based on time, this can mean maintenance is done too early, wasting resources, or too late, which causes breakdowns. Factory AI can predict issues before they emerge.
For example, at one site, a roller misalignment that was invisible to operators was detected by Factory AI. The $250 adjustment prevented a $60,000 motor failure and 16 hours’ downtime.
In simple terms, Factory AI stops machines breaking down.
How investment from Antler Fund II helped
The partnership between Factory AI and Antler Fund II is supportive and enabling. Antler backed Factory AI with capital, mentorship, credibility and introductions.
Our ambition is to be the leading predictive maintenance and reliability platform globally.
We want Factory AI to become a category-defining Australian technology company that scales globally.
About the Early Stage Venture Capital Limited Partnership program
The ESVCLP program helps fund managers like Antler Australia attract pooled capital to invest in early stage Australian startups like Factory AI.
The program gives tax benefits to fund managers and investors in funds that, like Antler Fund II, support early stage Australian businesses. It helps these businesses grow by receiving financial investment, as well as guidance and other support from expert investors.
The Department of Industry, Science and Resources and the Australian Taxation Office jointly administer the ESVCLP for the Australian Government.
Access to ESVCLP-backed capital was critical. It gave us the resources to move faster. I don’t think we would be a company without this capital.
The ESVCLP tax concession program enabled Antler to invest earlier and with greater conviction.