PANDA starts AI-based root cause analysis and identification in industrial production
€ 1.3 million seed financing
PANDA detects the error in the production process with the help of artificial intelligence and solves the biggest problems in industrial production. With the Plug & Play product DRIFT, PANDA offers an all-in-one system for minimizing plant downtimes and performance deficits in the production process. The High-Tech Gründerfonds (HTGF), Innovationsstarter Fonds Hamburg (IFH) and Business Angels are investing € 1.3 million in the Industrial AI startup. The capital is invested in product development and the expansion of the team.
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The 2018 founded Hamburg-based tech startup puts an end to production breakdowns with its software and hardware solution for root cause analysis and identification of manufacturing problems. Michael Welsch, Co-Founder and CEO of PANDA GmbH, explains: „Automatic modelling of sensor and machine data provides AI-based knowledge acquisition that makes it possible to determine answers to questions in production processes, e.g. under which conditions bubbles occur or when a strip break happens. This knowledge is usually acquired only laboriously over months and years by engineers, which is why the causes of daily production problems are often not understood.”
With PANDA’s system, this information, extracted from terabytes of data and arbitrary information source, is now available in real time. PANDA uses a self-developed open source software framework to address the specific problems of industrial data, such as the presence of different and unlabeled data sources such as images, sensor data and machine information, but also the need for evidence of significance for auditability. With DRIFT, PANDA offers an all-in-one solution consisting of hardware and software including user interface, which covers all steps from data acquisition to AI-based analysis and visualization for the user.
Fabian Hogrebe, High-Tech Gründerfonds, says: “PANDA’s business model shows how amazingly easy it is to digitize and monitor production processes and that companies do not need to worry about losing control of their own processes. Because they get a tool that can be used even without expert knowledge. We are pleased to contribute together with PANDA to the competitiveness of industrial production.”
“Many startups claim to be industry 4.0 startups, but often do not offer innovative solutions in the meaning of industry 4.0. We are extremely pleased to be able to support a “real” Industrial AI startup, which has been able to prove through well-known pilot projects that its AI technology is a real Smart Factory solution,” adds Stefanie Höhn, Investment Manager at Innovationsstarter Fonds Hamburg.
Hamburg Senator for Economics Michael Westhagemann states: “The manufacturing industry is one of the most important pillars of the German economy. PANDA provides the necessary technology to strengthen this essential sector. For Hamburg it is a great advantage to be able to support such a promising tech startup in the heart of Hamburg trough IFB Innovationsstarter GmbH.”
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