ex-Rolls-Royce engineers’ AI-startup Amygda secures pre-seed funding to accelerate product development
Amygda helps enterprises get the most of their critical assets by leveraging AI and predictive analytics to increase efficiency and reduce cost.
The UK company has recently closed its pre-seed funding round, led by BrightCap Ventures – an early-stage venture capital firm headquartered in Sofia, Bulgaria.
Accelerate product development
The funding will enable Amygda to accelerate product development, reach out to additional enterprise customers, and deepen the relationship with pilot customers, who have already engaged in trials.
Founded by ex-Rolls-Royce AI engineers, Faizan Patankar, Shaheryar Khan, and Kalin Stoyanov in 2020, Amygda uses AI and machine learning to optimise industrial operations and remove unplanned maintenance. Amygda had an initial product release in November last year and engaged several pilot customers in trials.
Engagement in industrial domain
Early engagement with airlines, rail, and the industrial sector have shown validation that led to the pre-seed round.
Faizan Patankar, Co-Founder & CEO of Amygda, said
“Building in a pandemic, in the midst of lockdowns has been super-interesting. We found customers to validate the concept with and with more time and feedback, we’ve been able to accelerate product and commercial discussions. Having Georgi from BrightCap as an investor and adviser has been an important milestone since my first conversation with him. With this funding, we will continue to build the deep-tech concept and solve a problem that’s costing industries billions annually.”
Georgi Mitov, the Managing Partner at BrightCap VC, said
“Operational efficiency proved to be crucial during the pandemic and will remain a top-priority topic in the post-pandemic world. Enterprises have to learn to achieve more with less, and efficiency will play an immense role from now on. And this is especially valid for industrial assets where every minute of inefficiency costs millions. Faizan and his team have built something unique – Amygda helps enterprises solve some of the toughest challenges in the maintenance process, enabling predictive, reliable and efficient operations.”