Yara Makes Strategic Investment in Industrial AI Company Intelecy
OSLO, Norway–(BUSINESS WIRE)– Intelecy has raised 3.5 mill USD in an investment round led by Yara, with participation from GC Rieber, Aidiom, and Investinor. Intelecy provides a no-code AI platform specifically tailored for industrial engineers and plant operators, eliminating the need for manual coding. By utilizing the platform, process engineers can rapidly create AI models to optimize processes that reduce waste, emissions, energy consumption and costs.
Intelecy serves customers in the chemicals, energy, food and beverages, mining and minerals, and utilities industries.
“Intelecy has developed exciting AI solutions for production and process optimization. We have received very strong recommendations from Intelecy’s industrial customers. Yara invests in Intelecy since we consider it a strategic priority to participate in the development of AI for the industry”, says Ulf Berg, SVP Portfolio Development in Yara International ASA and chair of the board at Yara Growth Ventures.
Intelecy is satisfied with having Yara as a new lead investor:
“Yara is the world’s leading crop nutrition company and a global provider of environmental and agricultural solutions. We consider the investment from Yara Growth Ventures a great validation of our vision, which is to help factory workers make industrial production more sustainable by optimizing production, reducing waste and energy consumption, and eliminating harmful emissions”, says Bertil Helseth, CEO of Intelecy and founder.
The industrial group GC Rieber also joined the investment round. GC Rieber is a customer of Intelecy and uses AI to optimize and digitalize the production of nutraceuticals.
“Our local factory workers use Intelecy to optimize the production of high-end omega-3 concentrates and to develop critical digital skills as part of the process. Intelecy has enabled us to embrace AI, making the factory smart and production more sustainable. We are very impressed by the ease-of-use of the Intelecy solution”, says Fredrik Harloff, CIO at GC Rieber.
Advances in AI represent a huge value-creation potential for the process industry. But many AI projects still fail. Industry leaders often cite a lack of talent as the critical barrier to adopting AI.
“We invest because Intelecy helps solving the skills gap in manufacturing by enabling the existing workforce to use AI”, says Jon Øyvind Eriksen, CEO at Aidiom and the chair of the board at Intelecy.”
Investinor increased its ownership stake in Intelecy.
“At Investinor, we’re investing in the businesses of tomorrow, and few sectors hold as much promise as artificial intelligence and machine learning. Intelecy stands out in the industrial AI space by offering businesses easily implementable tools for optimizing efficiency. Intelecy is well-positioned to meet the growing demand for intelligent and sustainable manufacturing solutions”, says Investment Manager Egil Garberg at Investinor.
The new funding will be used to strengthen marketing, sales, and product development. Erkki Altonen, CEO of Yara Growth Ventures, and Egil Garberg, investment director of Investinor, join the board of directors.
About Intelecy
Intelecy is a Norwegian SaaS company that was established with one clear goal: enabling sustainable production within the industry. Intelecy’s no-code Industrial AI platform is built for industrial data and made for industrial citizens. The easy-to-use tools enables engineers to create and use sophisticated AI models, without prior knowledge of coding. By using Intelecy, a wide range of industrial companies improve resource utilization, prevent unplanned downtime, increase capacity and minimize their environmental impact.
About Yara
About GC Rieber
About Aidiom
About Investinor
Intelecy newsroom: https://www.intelecy.com/post/yara-invests-in-intelecy
View source version on businesswire.com: https://www.businesswire.com/news/home/20230627066496/en/
Contacts
Anna Olsson
Chief Commercial Officer
Phone: +47 982 22 841
anna.olsson@intelecy.com
Ingvild Hollerud Helseth
Head of Communication
Phone: +47 958 12 253
ingvild.hollerud.helseth@intelecy.com