Tvarit successfully raises €2.8 million for digitalising the metal industry
We are thrilled to announce our latest investment in Tvarit, experts in the application of artificial intelligence for process optimisation in foundries, together with their existing investors Futury Capital from Frankfurt am Main and BM H from Wiesbaden.
TVARIT has developed one of the most advanced Industrial AI technologies for sustainable and zero-waste manufacturing. With the Deep Tech products and prescriptive AI, manufacturing companies not only receive preemptive signals, but also recommended actions to optimise production processes. This leads to a significant reduction in direct costs such as scrap and indirect costs such as resource-wastage and CO2 emissions.
TVARIT’s unique prescriptive engine has patented “Hybrid AI” technology, which combines shopfloor physics with state-of-the-art Deep Learning technology. Hybrid AI significantly reduces implementation time to 4 weeks with almost 100% prediction accuracy.
In recent months, the team has constantly achieved great results in reducing scrap and energy for its manufacturing clients, which has further fueled TVARIT’s organic revenue growth. Among others, the company succeeded in winning Maxion, one of the largest automotive wheel manufacturers in the world, as a customer and became its sole AI partner for their world-wide implementation, due to its outstanding performance in reducing production scrap and optimising energy.
In addition to expanding the technology, the €2.8 million will primarily be used to expand the technical and sales team to meet the high customer demand and further scale the company. Apart from metal processing, other process industries such as the food industry are to be developed in the future.