Acerta Analytics, the leading provider of advanced analytics solutions that leverage machine learning and artificial intelligence (ML/AI) to turn complex product data into actionable insights, has raised an $8M ($10.4M CAD) Series B round.
KITCHENER, Canada, Nov. 22, 2022 /PRNewswire-PRWeb/ -- Acerta Analytics, the leading provider of advanced analytics solutions that leverage machine learning and artificial intelligence (ML/AI) to turn complex product data into actionable insights, has raised an $8M ($10.4M CAD) Series B round. The funding will be used to accelerate Acerta's mission of providing actionable insights that improve product quality and operational efficiency in precision manufacturing globally. BDC Capital's Industrial Innovation and Thrive Venture Funds led the round, with participation from existing investors OMERS Ventures and StandUp Ventures.
Acerta helps automakers like Nissan and suppliers of complex vehicle parts such as Dana dramatically improve quality in their manufacturing processes and support early defect detection, making them more efficient, helping them reduce scrap and rework and avoid shipping defective parts that lead to costly recalls and brand damage.
Acerta's LinePulse platform uses machine learning and artificial intelligence to help companies leverage their data for actionable insights into vehicle part production. Results suggest that using Acerta's LinePulse platform can lead to a reduction of 30% or more in rework rates, which can result in multi-million dollar savings on a per-plant basis.
Greta Cutulenco, CEO and co-founder of Acerta, said: 'Automotive manufacturers are facing increasing challenges as the industry moves towards electrification with more sophisticated sensors and electronics in every vehicle model. Acerta provides a platform that manufacturers can leverage to ensure they're delivering high-quality products to market and maintaining brand reputation'.
"By applying our advanced analytics on their complex data, automotive suppliers and OEMs can reduce scrap in their plants, thereby raising margins and increasing throughput. We help them achieve higher operational efficiency so they can make better day-to-day decisions. Manufacturing issues contribute to approximately one third of all early in-field vehicle breakdowns, but they are especially problematic for new EVs. Given the number of costly recalls and subsequent brand damage that EV makers are seeing, companies are investing in new digitalized production lines that are poised for the value that Acerta provides," Cutulenco continued.
Greta Cutulenco said, "This fundraise will help us add even more value to our core platform, LinePulse. We plan to expand our team to ensure we put our next-gen solution into the hands of more manufacturers."
"Acerta's solutions drive significant improvement in manufacturing quality. We're thrilled to support a company with such an inspiring vision for bringing AI and advanced data analytics into precision manufacturing. The time is right for this innovation, and we are very confident that this team will deliver," said Joseph Regan, Managing Partner, Industrial Innovation Venture Fund at BDC Capital.
"We are excited to support Greta and the Acerta team in their next phases of growth. The company's suite of SaaS solutions for precision manufacturing is already transforming the automotive and transportation industries and receiving strong market validation. We know that there is a lot more to come," added Michelle Scarborough, Managing Partner, Thrive Venture Fund at BDC Capital.
After a difficult few years in the automotive industry due to the global pandemic and supply chain issues, manufacturers are doubling down on new production lines and the sector is anticipating that demand will recover strongly, especially as a new generation of EVs comes into production. A greater focus on local production in Europe and North America is also re-shaping the industry, as increasingly manufacturers look to safeguard global supply chains.
Acerta currently operates in Canada, the United States, Europe and Japan. It will use the Series B funding to expand its customer base in North America and Europe, while strengthening ties with leading OEMs and automotive suppliers. Acerta's customers are involved in producing complex parts for all types of vehicles.
About Acerta Forged from industrial experience and driven by data science, Acerta assists precision manufacturers to take their digital transformation beyond manually crunching sensor data. Our ML/AI-powered software services enable companies to make the right decisions fast, optimize production, and improve product quality. We translate complex product data into actionable insights. Founded in 2017, Acerta Analytics Solutions Inc. is based in Kitchener, Ontario, Canada.
About BDC Capital
BDC Capital is the investment arm of BDC, Canada's Business Development Bank. With over $6 billion under management, BDC Capital serves as a strategic partner to the country's most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
Heidi Marr, Senior Director of Marketing, Acerta Analytics, 1 5195741358, [email protected]
SOURCE Acerta Analytics