Phantasma Labs Secures Seven-Figure Investment to Advance AI-Driven Manufacturing
BERLIN, GERMANY / ACCESSWIRE / October 8, 2024 / Phantasma Labs, a leader in AI-powered manufacturing solutions, has secured a seven-figure investment from renowned funds Momenta and RunwayFBU to drive global manufacturing efficiency.
Factories across the globe are losing between 3-20% of their revenues due to inefficient planning of their production processes. As manufacturing companies focus on becoming more efficient and competitive, the demand for advanced production planning tools has increased exponentially. The global market for production planning software is estimated to be between $12 billion and $15 billion.
Phantasma Labs has developed a market-leading product that helps manufacturing companies of all sizes efficiently plan and schedule their production processes. Built on the foundations of Reinforcement Learning AI, their software generates optimal production plans that are up to 30% better and created 100 times faster than traditional methods. The uniqueness of Phantasma Labs' technology lies in its independence from Big Data, opening up a huge market comprising SMEs, mid-caps, and large enterprises.
Phantasma Labs has already secured customers in the DACH market and will use the new funds to expand into the US and Nordic markets.
"Momenta's network and deep industrial expertise will significantly catalyze our expansion in the US, while RunwayFBU's strong presence in the Nordics provides us with a critical entry point," said Ramakrishna Nanjundaiah, Founder and CEO of Phantasma Labs. "With their support, we're well-positioned to drive AI adoption in manufacturing and deliver transformative impact."
Ken Forster, Founding Partner of Momenta, added, "Phantasma Labs' expertise in autonomous mobility applied to production planning is unlocking new levels of efficiency in manufacturing. This perfectly aligns with Momenta's mission to drive industrial impact through digital transformation."
Sagar Chandna, Senior Partner at RunwayFBU, commented, "Phantasma Labs brings within its team a rare combination of AI/ML expertise, large-scale simulation and high-performance computing that enables industries to optimize their processes with AI without requiring large amounts of collected data. This is pivotal in the transformation of industries, and we are excited to take part in their journey."
About Momenta:
Momenta is the leading Industrial Impact® venture capital firm, accelerating industrial innovators across energy, manufacturing, smart spaces, and the supply chain. Our team of deep industry operators has helped scale industry leaders and innovators to improve critical industries, the environment, and people's quality of life for over a decade. PitchBook has ranked Momenta as one of the ten best-performing venture capital firms for 2023 in its prestigious Global Manager Performance Score League Tables, and the firm is the only European-headquartered VC to secure a Top 10 spot on the list. For more information, please visit https://www.momenta.one.
About RunwayFBU:
RunwayFBU is an early-stage VC fund that invests in industrial software technology companies built by ambitious entrepreneurs. They support digital technologies creating impact within electrification, value-chains, industrial output and enterprise work productivity. Based in Norway, the fund has invested in 20 companies. www.runwayfbu.com
Contact Information
Louisa Klewer
Marketing Manager
louisa@phantasma.global
SOURCE: Phantasma Labs GmbH
View the original press release on newswire.com.
