Czech tech company Neuron Soundware raises another €7m for AI revolution in manufacturing and plans global growth through partner network
[Press release 1.4.2023] Neuron Soundware is using artificial intelligence to help diagnose potential faults in manufacturing equipment and prevent major failures. At the same time, it optimizes production processes and improves production quality through machine data processing.
The company, which became known on the Czech market in 2016 when it won the Vodafone Idea of the Year competition, was supported by both the EU Horizon programme and the Czech TAČR programme with a total of EUR 7 million for further development.
The funding was provided to the company based on an evaluation of the potential of the IoT computing unit and a unique technology for mechanical fault detection using neural networks for end customers. The company succeeded as the only Czech project among 1092 applicants in the European Commission’s EIC programme, which focuses on innovative deep-tech companies.
“Thanks to this support, the company will receive funds for further technological development of both our hardware unit nEdge solution, where we expect up to 1000x more computing power using the latest AI accelerator chips, and the development of the entire nGuard analytics platform. The investment will enable further enhancements to the AI predicting machine faults as well as further scaling the service globally.” adds Pavel Konečný, CEO and founder of the company.
The technology, based on the analysis of the entire acoustic spectrum of sound, is now used across continents. Due to the ease of installation and subsequent data analysis, it is used by customers in the US, Malaysia, Japan, Asia, and across Europe. New orders are also coming in from Latin America.
“We are delighted that our project has succeeded in a Europe-wide competition of more than a thousand projects. The combination of IoT devices and AI is challenging to develop, but will undoubtedly change manufacturing processes around the world.” Pavel Konečný further states.
Thanks to the versatility of the technology, which is based precisely on AI processing of audio data, the company is today optimising deliveries on a considerable range of machines, from energy equipment, transport systems, automotive production lines to machine tools, robots, welding machines and 3D printers.
The company, which is currently expanding its team, has previously been recognised in a number of European and global awards and is ranked in the Top 5 in the world in many of them. Such as Top 5 innovator in the world in IoT, or Best European Innovation in Manufacturing.
We are thrilled to share these articles with you and encourage you to read them to learn more about our exciting news. We would like to thank the journalists who covered this story and helped us spread the word. Please find the links to the articles below:
- Artificial intelligence used to detect faults before they occur. Czech startup raised CZK160 million – CzechCrunch (cc.cz)
- With the help of AI, it can recognize device faults before they happen. The technological company Neuron Soundware received support of 7 million euros from the EU Horizon programs and the Czech TAČR program – Roklen24.cz
- Artificial intelligence recognizes device failures before they happen. The European Union has now contributed to the development of unique Czech technology – Euro.cz
Thank you for your continued support, and we look forward to sharing more updates with you in the future.