TLDR:
- Index Ventures has backed a $16 million funding round for EthonAI, an AI manufacturing startup.
- EthonAI uses “causal AI” models to help global-scale manufacturers improve production efficiency.
Leading venture capital firm Index Ventures has backed a $16 million funding round for EthonAI, a startup that utilizes artificial intelligence to enhance production efficiency for global-scale manufacturers. Founded by AI researchers Julian Senoner, Bernhard Kratzwald, and Torbjorn Netland in 2021, EthonAI employs “causal AI” models to predict how different factors can optimize the manufacturing process. The company’s client base includes renowned businesses such as Siemens, Lindt & Spruengli, and Roche. Notably, EthonAI’s software has successfully reduced product rejects for Lindt by providing real-time data to allow supervisors to identify defects and adjust processes.
The funding round for EthonAI was led by Index Ventures, a venture capital firm known for past investments in companies like Dropbox, Meta, and Slack. Katharina Wilhelm, a partner at Index Ventures, emphasized the importance of digesting and utilizing data from sensors in manufacturing processes to drive informed decisions. EthonAI raised 15 million Swiss francs ($16.5 million) in venture capital from Index Ventures, as well as other firms like General Catalyst, Earlybird, and Founderful.
