Phantasma Labs, a startup on a mission to disrupt manufacturing efficiency, has received a fresh seven-figure investment from international funds RunwayFBU and Momenta.
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.
The Berlin-based company has already secured customers in the DACH (Germany, Austria, and Switzerland) market and will use the new funds to expand into the US and Nordic markets.
According to founder and CEO Ramakrishna (Rama) Nanjundaiah, the two investors are ideal partners for this journey: “Momenta’s network, strong industrial LP base, and unique market insights will significantly catalyze the development and expansion of our commercial activities in the US. Additionally, RunwayFBU’s strong network in the Nordics will open up significant opportunities for Phantasma in this region.”
“The industrial sector has been slow to reap the benefits of the AI revolution due to the complexities involved in building AI solutions, significant upfront costs, and extended ROI timeframes. With our breakthrough technology, we aim to accelerate AI adoption in manufacturing,” explained Rama.
“Phantasma Labs brings a rare combination of AI/ML expertise, large-scale simulation, and high-performance computing within its team, enabling industries to optimize their processes with AI without requiring large amounts of data. This is pivotal in transforming industries, and we are excited to be part of their journey,” commented Sagar Chandna, Senior Partner at RunwayFBU.
“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,” concluded Ken Foster, Founding Partner at Momenta.
Read the orginal article: https://www.eu-startups.com/2024/10/berlin-based-phantasma-labs-secures-seven-figure-investment-to-advance-ai-driven-manufacturing/
