Amygda Labs secures pre-seed funding from BrightCap Ventures to accelerate product development
The pre-seed investment was led by BrightCap Ventures and will support product development and customer acquisition.
Amygda Labs develops predictive analytics and artificial intelligence software designed to optimise industrial operations and asset management. The company works with enterprises in sectors such as aviation and rail to reduce maintenance costs.
Industrial artificial intelligence startup Amygda Labs has secured a pre-seed investment round led by Sofia-based BrightCap Ventures. The capital will be directed towards accelerating product development, expanding enterprise customer acquisition, and strengthening relationships with existing pilot participants.
Founded in 2020 by former Rolls-Royce engineers, the company applies machine learning to eliminate unplanned maintenance and optimise performance across sectors including rail and aviation. The business released its initial product in November prior to closing this latest financing.
From the founder
"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."
Faizan Patankar
Co-Founder & CEO at Amygda Labs
Investor perspective
"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."
Georgi Mitov
Managing Partner, BrightCap Ventures
Use of funds
- 01Continue product development
Investors
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About the company
Amygda Labs
Amygda Labs uses artificial intelligence and predictive analytics to improve the operational efficiency of critical industrial assets.