Fluence Analytics, the manufacturer of industrial and laboratory monitoring solutions with continuous data streams, has recently concluded its $7.5M venture funding round - gaining support from venture groups of Yokogawa Electric and Mitsubishi Chemical.
The current venture funding round also included Energy Innovation Captial, JSR Corporation, and Diamond Edge Ventures, the corporate venture capital arm of Mitsubishi Chemical Holdings Corporation. Additionally, Yokogawa Electric has jumped on board for a new business collaboration agreement with Fluence Analytics.
First founded in 2012, the company has garnered support from venture capitalists and multinational corporations thanks to being the only provider of a commercially available smart manufacturing system. As the industry leader in Automatic Continuous Online Monitoring of Polymerization Reactions (ACOMP), solutions offered by Fluence Analytics provide companies with continuous insights into the polymer production process. It allows companies that manufacture them, such as those in the adhesive, rubber, plastic, and paint industries, to work in a safer, more sustainable manner.
Backed by Industry Giants for Accelerated Growth
Under the new agreement, both companies will be working together "to expand and accelerate the deployment of ACOMP systems to customers worldwide." The Japanese multinational company, focused on the electrical engineering and software development industries, will serve as Fluence Analytics' exclusive distributor of ACOMP systems in Asia, the Middle East, and North Africa (MENA) regions. They will also offer field engineering, sales, and system integration with their customers.
Also, the additional financial resources Fluence Analytics secured from the latest funding round will be used to accelerate the development and production of its next-generation, industrial-grade ACOMP solution. The new generation of products will increase the ability to reduce cycle times and eliminate further production of non-compliant products. Additional enhancements will include industrializations in hazardous applications, expanding its measurements, more analysis algorithms, and enhancing the data mining correlation framework. Fluence Analytics also announced its plans to scale production efforts, put additional investments in sales and marketing, and increase its personnel.
"Our team is very excited to add Yokogawa Electric as a strategic partner and investor. Yokogawa's global leadership in measurement and process control technologies will be a major asset, enabling us to scale up operations, augment field engineering efforts, and expand our installed base throughout the world," said Fluence Analytics CEO Alex Reed. He adds that they're looking forward to working with Yokogawa to develop their next-generation solutions to uphold sustainability in polymer manufacturing.
"We have been supporting the petrochemical industry through the provision of measurement and control solutions," said Yokogawa Electric VP and Head of Yokogawa Products Headquarters Kenji Hasegawa. He adds that by working together with Fluence Analytics, they will be able to offer more value in the polymerization process industry. He expressed optimism in Yokogawa, offering the ACOMP solutions that increase productivity and supporting health, safety, and the environment. Lastly, Hasegawa notes that the cost savings from implementing these systems are equivalent to $1.5 million annually based on the average reactor size.
About Fluence Analytics
Fluence Analytics, headquartered in Louisiana in the United States, provides industrial and laboratory monitoring solutions to produce continuous data streams. Through its powerful and proprietary analytical tools ACOMP and ARGEN, the company enables real-time optimization that helps propel polymer and biopharmaceutical manufacturers.
Formerly known as Advanced Polymer Monitoring Technologies, the company was first founded in 2013 to bring the technologies developed from PolyRMC at Tulane University to the market.
Published on Tech Times.