We are blessed to witness many of the most groundbreaking technological innovations in our lifetime. From video games, to personal computers, to mobile devices, to virtual reality headsets and so much more – it’s impossible to pick favorites. The techies among us marvel over the wide range of industries that Artificial Intelligence managed to disrupt, and even create. We all know that AI enhances processes in areas such as e-commerce, finance, and healthcare.
However, there are other spaces that have yet to be transformed at scale, such as industrial manufacturing.
The Industrial Revolution, which took place in the 19th century, was the start of manufacturing as we know it. It was the beginning of human labor’s infamous switch from farming to machine and chemical manufacturing. This also sparked changes in the workforce, as wage labor became normalized. With the exception of initiatives to become greener (with regard to the effects of climate change), not much has changed in industrial manufacturing. That is, until the Tel Aviv-based Razor Labs stepped into the arena.
Founded in 2016, Razor Labs made a name for itself by developing Neural Networks that utilize deep Reinforcement Learning business processes optimization. The company’s flagship product, DataMind AI, virtualizes manufacturing processes. It transforms heavy industrial machinery to smart machines and operates as SaaS in the cloud. The product integrates with the machine’s sensors remotely and can identify malfunctions and optimize manufacturing processes, achieving results of accuracy and understanding even beyond human intelligence.
DataMind AI learns the machine autonomously and presents a model that will transform it to be smarter. This is all done while making use of the client’s existing equipment, without the need for investment in additional costs on their part. DataMind AI increases asset utilization and facilitates a huge reduction in resources and CO2 footprint, as well as enables compliance with regulatory requirements.
Additionally, DataMind AI identifies hidden patterns in the data so as to predict malfunctions in advance and alert to maintenance needs, thereby reducing the downtime costs and allowing organizations to repair and maintain the machinery at their convenience, ahead of time.
Innovations such as DataMind AI explain why Razor Labs’ clients include some of the largest mining companies in the world, and leading industrial manufacturers in Australia, Europe and Israel.
Razor Labs was founded by the serial entrepreneur Raz Roditti, who serves as the company’s CEO; by CTO Michael Zolotov, an expert in Deep Learning algorithms and with extensive experience in research and development of AI; and by Ido Rozenberg, an AI expert, researcher and developer of complex AI systems. He was also a former commander in the 8200 technological unit in the IDF.
The company recently completed an IPO, raising $36 million in a book-building process and was traded on the first day by an increase of 10%, and at a valuation higher than NIS 500 million. The IPO closed at the price of NIS 12.6. Up until that point, Razor Labs was bootstrapped, and operated on the basis of equity and revenue from sales. In the company’s official announcement, Roditti expressed gratitude toward the institutional investors in Israel for their vote of confidence in participating in the IPO, and stated that the next goal is to register on NASDAQ within 24 months.
Razor Labs is also an official professional service partner of NVIDIA in its most exclusive partnership program including only 24 partners worldwide, and the first one in Israel, the rest of the Middle East, and Australia.
It’s great to know that the Israeli Razor Labs is pioneering the new Industrial Revolution worldwide in the industrial manufacturing space. Its DataMind AI is transforming heavy industrial machinery into smart machines, without the need to purchase new expensive hardware. By improving processes autonomously, this solution is the change that manufacturers didn’t know they needed, yet can’t do without.