Fero Labs raises 9 million in Series A Financing

Fero Labs, the only Explainable Machine Learning software solely dedicated to the industrial sector, today announced the closing of a $9 million Series A round led by Innovation Endeavors, with participation from Deutsche Invest VC. This funding will support Fero Labs in expanding its product offerings to new sectors and ultimately push the industrial manufacturing community forward. The industrial sector has just begun to implement technologies into its processes to reduce waste and increase efficiency and profits. More than half of leaders in the manufacturing and utilities sector expect artificial intelligence to control high-value assets such as industrial plants, equipment, machines and its processes in the next five years, according to Next-Gen Industrial AI - and due to the pandemic, the industry observed a steady increase in artificial intelligence and machine learning adoption across industries including energy, manufacturing, heavy industry, infrastructure, and transportation sectors. "At Fero Labs, we develop our technology around the needs of customers, delivering the best of machine learning, AI technologies and scalable automated infrastructure," said Berk Birand, CEO of Fero Labs.