Investor commits funding to Performance Monitoring Platform For Industrial Processes, Providing Manufacturers With A Unified View To Reduce Resource Consumption And Drive ROI.
PALO ALTO, Calif. — May 18, 2020 — Plutoshift, the leader in data intelligence for industrial processes announced it has secured funding from Akron Fusion Ventures, a venture capital fund in Akron, OH with an investment strategy to connect coastal ecosystems with Northeast Ohio.
Plutoshift has developed a specialized view of process performance for industrial companies, offering a unified window into manufacturing operations through highly sophisticated software that leverages Artificial Intelligence to drive proactive insights.
By unlocking insights from existing data sources and ingesting streaming data that displays in the platform for users to see, Plutoshift enables industrial companies to have a holistic view of key cost drivers and resources that impact their business. This approach allows operators, managers and remote workers to stay better informed and take proactive action. The company works with a variety of industries including Food & Beverage, Manufacturing, Oil & Gas, Chemical, Power & Renewables, and related industrial verticals.
The new investment and partnership will be used to help Plutoshift expand and strengthen its presence in Northeast Ohio where Akron Fusion Ventures has deep roots and a proven track record for bringing Silicon Valley startups to the region.
“We are very excited to be partnering with Bill Manby and the entire team at Akron Fusion Ventures. The Northeast Ohio region represents a large opportunity for Plutoshift given the number of manufacturing and consumer goods businesses” said Prateek Joshi, Founder and CEO of Plutoshift.
“We work with companies out of Silicon Valley and bring their innovative solutions to the heartland of America. Northeast Ohio is home to hundreds of successful manufacturing enterprises and a growing startup environment. We are excited to partner with Plutoshift and bring their solution to companies in our area” said Bill Manby, Founding Partner of Akron Fusion Ventures.
Plutoshift was founded in 2017 by Joshi with the vision of connecting the constantly changing realities of the physical world with the monitoring power of intelligent software. This effort resulted in helping industrial operators and remote workers harness the power of existing plant data related to operations, finances, and maintenance spread across different systems. By providing a fundamentally different way of looking at processes that drive their businesses, Plutoshift aims to provide an unprecedented level of information access to operators and managers.
Joshi is an Artificial Intelligence researcher, an author of 13 books, and a TEDx speaker. He has been featured in Forbes 30 Under 30, CNBC, TechCrunch, Silicon Valley Business Journal, and many more publications. He graduated from the University of Southern California with a Master’s degree specializing in Artificial Intelligence. He has previously worked at NVIDIA and Microsoft Research.
