Israeli startup EcoPlant, which develops an AI-powered IoT platform that helps save energy and costs for supporting infrastructure in factories, announces an $8 million funding as part of the company’s Series A round. The investment was led by Ecolab, a U.S. company that provides solutions for industrial infrastructure. In addition, part of the raised capital came from Techstars, Farm To Fork accelerator.
Didn’t stop at funding, also teams up with U.S. distributor opening access to thousands of factories
Infrastructure inefficiencies result in up to 50% energy waste due to uncalibrated machines, leaks and blockages, overcapacity, unplanned downtime, and more. All of this tallies up to hundreds of thousands of dollars every year.
EcoPlant has developed a system that enables industrial factories the power to control and plan efficiency of operation on non-production machinery - chillers (cooling system), air compressors and pumps. Utilizing this system can potentially save factories enormous costs on energy and operation. This cost-cutting service is done through the collection of sensor and data readings from around the production process.
The Israeli startup's cloud-based SaaS system provides continuous monitor and control of the air compressors. The system enables use of single compressors or the entire air compressor system under certain conditions, like change in production and consumption of compressed air. The system’s forecasting engine is based on AI technology that provides a utilitarian energy consumption system, saving up to 30% in energy waste. The company claims that its SaaS solution reduces pollution emissions while also cutting unplanned operational stoppages by 50% and saving tons on the electric bill.
EcoPlant’s agnostic system can easily integrate into any air compressor brand control panel, enabling potential adoption of the solution by more than 100K factories in Europe and the U.S. Along with the funding round, the Israeli company further announced a new partnership with Atlas Machine, one of the biggest distributors of industrial machinery in the U.S. The partnership will grant EcoPlant with access to over 3000 factories across the United States.
CEO Aviran Yaakov responded regarding the funding round and new partnership, saying: “We are delighted and excited regarding the new partnership with Atlas Machine & Supply Inc. This is an ideal collaboration that brings a critical advantage to the air compressor market. Our vision includes moving to chillers and pumps, as well as offering a complete package of planning tools in an effort to make the heavy machine industry a bit more greener.”
EcoPlant was founded in 2016 by CEO Aviran Yaakov, CTO Yaron Harel, and COO Moti Yaakov, and has raised over $9 million up-to-date. The company says that its system is already spread out in dozens of factories in Israel, Europe, and the U.S.