Shanghai – 12th May 2022 - Synergies Intelligent Systems (Synergies), an augmented analytics startup for the manufacturing industry, has raised $12 million in a series A round led by NGP Capital with participation from New Future Capital (NFC).
Most industrial companies fail or struggle to deploy advanced data analysis processes into their business, to solve this pain point, Synergies has developed a new analytics platform for industrial companies. As a result, Synergies has positioned itself as "The New Generation of No-Code AI intelligent decision-making platform", mainly used within the industrial sector. Through Synergies’ JarviX platform, users can talk to data directly without the need for technical skills allowing users to automatically discover, visualize, and describe important content within a data set efficiently.
The company has combined low-code/no-code tools, machine learning (ML), and NLP (natural language processing) technologies to give mid-size industrial companies the same analytics capabilities as the most advanced Industry 4.0 companies without investing a huge amount of money and resources.
Michael, the CEO and founder of Synergies, said: “There’s a large market opportunity in the industrial sector. Over the years, the refinement of production methods and the rise in labor costs accelerated the adoption of digital transformation, and because the data collected in the manufacturing field is mostly first-party data and is hardly affected by external factors, it is more likely to maximize the value of artificial intelligence in the industrial field. More importantly, Synergies’ leadership background positions us to be well-experienced Industrial experts in the AI/data analytics field. We are also expecting augmented analytics to become of greater value in other industries as technology advances.”
The new financing round will enable Synergies to expand its team, invest in its product development as well as accelerate its market expansion.
“With NGP Capital leading the round, we choose to partner with an investor backed by Nokia, as our goal is to collaborate with Nokia in the future through our smart manufacturing solutions powered by private 5G networks in the global market,” said Michael Chang.
“With a strong link to our digital industries investment focus, we have been impressed with what Synergies have achieved in such a short time. It’s clear legacy industries such as manufacturing are at the cusp of transformation, and we are thrilled to partner with Synergies as they deploy cutting edge technology to tackle a huge market ripe for disruption,” explained Yao Ge, Partner at NGP Capital.
Synergies is founded and led by Michael Chang, a graduate from MIT with a Ph.D. in electrical engineering and computer science. His research covered optics, machine learning, machine vision, and big data platforms. In addition, Dr. Chang has also worked at Foxconn as a research/development director and AI big data consultant. During this period, he used data analysis that helped the Shenzhen factory improve its yield rate and save nearly $20 million USD.
Synergies has had great industry recognition having been recognized by Gartner as one of the Global Top 40 Vendors in Augmented Analytics Tools as well as Greater China AI Startup, Asia Pacific Cool Vendor.
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Synergies is a cognitive application service provider that combines business knowledge, artificial intelligence technology, and software development. Our mission is to help businesses through their digital transformation journey, become leaders and innovators in their industries by unlocking the power of data in the hands of business users and decision-makers. Our product, JarviX All-In-One AnalyticOps Platform is recognized as one of the industry leaders in Augmented Analytics Tools in Gartner's Market Guide. Visit us at www.sis.ai and follow us on LinkedIn (Synergies Intelligent Systems).
About NGP Capital
NGP Capital is a global venture capital firm backed by Nokia with over $1.6 billion under management. The global VC invests in growth-stage technology companies within the Edge Cloud, Cyber Security, Digital Industry, and Digital Transformation. NGP Capital backs entrepreneurs in building a responsible and inclusive world where the confluence of sensors, mobility, software, and cloud solutions will connect people and industries in new ways, transforming how we live and work. Since 2005 NGP Capital has invested in more than 100 companies, 17 of these have achieved unicorn status. NGP Capital is active in the U.S., Europe, and China. Visit us at www.ngpcap.com and follow us on LinkedIn (ngp capital) and Twitter (@ngpcapital).