Co-founder Dr Paul Byrnes. Image: Mavarick AI
Co-founder Dr Paul Byrnes, who has previously developed AI for Apple and IBM, said Mavarick is on a mission to ‘give every factory an AI data analyst’.
Mavarick AI, the Limerick-based software start-up that has developed a platform to help manufacturers become more sustainable, announced today (7 May) that it has raised €1.3m in a pre-seed funding round led by Act VC.
Founded by Dr Paul Byrnes and Koen Jasper, Mavarick AI’s platform generates real-time information to help manufacturers make better decisions. The aim is to provide factories with an AI data analyst and help them achieve additional capacity, reduce machine downtime and increase profitability.
Mavarick is currently working with the likes of Volkswagen Group – one of the world’s largest car manufacturers – to help support its net zero carbon emissions objective and reduce cost.
“We believe that every factory, regardless of size or location, should have access to the transformative power of AI,” said Byrnes, who has previously developed AI solutions for Apple and IBM.
“We want to give every factory an AI data analyst trained in that unique environment. We are democratising applied AI and levelling the playing field for sustainable manufacturers around the world.”
The company will use the latest funding round, which was backed by several unnamed founders, to expand its team (with an active recruitment campaign), improve its AI platform and scale operations to meet growing demand for its product.
“We are excited to support Mavarick AI in their mission to solve big painful problems for manufacturers around data, efficiency, energy and carbon emissions,” said Andrew O’Neill, principal at Act VC.
“Manufacturing is on the verge of a data-driven revolution, but these are complex problems. This team has a unique ability and understanding of these problems and have a chance to build real value for manufacturers.”
In November, Mavarick was declared the overall winner of InterTradeIreland Seedcorn, an annual competition which tests a start-up’s investor readiness. As winner, it received a €100,000 cash prize as well as a separate €20,000 prize for the best start-up operating in the low-carbon sector.
Find out how emerging tech trends are transforming tomorrow with our new podcast, Future Human: The Series. Listen now on Spotify, on Apple or wherever you get your podcasts.
