Axion Ray, a New York-based AI observability command center for manufacturing companies, raised $17.5 million in Series A funding, bringing its total funding to $25 million.
SaaS Investors
The round was led by Bessemer Venture Partners, with strategic investment from RTX Ventures. Existing investors Amplo and Inspired Capital also participated.
Bessemer Venture Partners is an American venture capital and private equity firm headquartered in San Francisco. The firm invests in enterprise, consumer, and healthcare early-to-late-stage startups.
Axion Ray Use of Funds
The company will use the funding to further expand its AI capabilities within technical issue detection. Additionally, it will support the company's go-to-market efforts to penetrate new industries.
About Axion Ray
Founded by Daniel First, Axion Ray is a company that provides an artificial intelligence-powered proactive intelligence platform to automate engineering and quality analytics. It uses a research and development optimization system for engineering program management services. Their AI command center proactively flags technical issues, preventing injuries, warranty losses, and customer downtime. Axion Ray's customers include renowned manufacturers such as Baxter, Cummins, Newell, Boeing, Pratt & Whitney, DENSO, and others across electronics, automotive, medical devices, and consumer products.
Funding Details
Company: Axion Ray, Inc.
Raised: $17.5M
Round: Series A
Funding Month: March 2024
Lead Investors: Bessemer Venture Partners
Additional Investors: RTX Ventures, Amplo and Inspired Capital
Company Website: https://www.axionray.com/
Software Category: Engineering Management
Source: https://www.prnewswire.com/news-releases/axion-ray-announces-17-5-million-in-series-a-funding-led-by-bessemer-venture-partners-302086459.html