Tractian Receives Investment

Tractian, a leader in industrial Internet of Things and enterprise asset management software, announced $45 million in growth capital led by General Catalyst. Netsuite CFO and former Samsara CRO Andy McCall will revolutionise the lives of maintenance professionals with his hardware-software solution. Tractian's $45 million Series B investment round was led by Next47 and angel investors Ronan de Hooge, Ron Gill and Andy McCall, who are among the company's existing investors. The new funding comes as Tractian's asset tracking system reaches more than 1,000 industrial facilities. It also comes as the company positions itself to rapidly scale its customer offerings while investing in new technological innovations for maintenance operators.

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What is the New Investment Targeted for?

What does Tractian aim for the new investment? It states that it will use it to develop artificial intelligence technology, conduct R&D studies and track more products. Tractian is an industrial operations platform that monitors the health of critical machines and prevents unplanned downtime to provide maintenance technicians and industrial decision makers with a comprehensive audit of their operations. Tractian operates in a wide range of industries, including food and beverage, automotive, consumer goods, mining, oil and gas, commodity production, etc. In both batch and continuous production, unplanned downtime has serious consequences. Most factories operate with reactive maintenance strategies. This means that when a piece of equipment fails, a work order is issued and the machine is taken care of. This often leads to downtime.

Tractian is an important milestone for the industry. And as a first, it launched the category of Artificial Intelligence Assisted Maintenance in the industrial sector earlier this summer. In this new paradigm, artificial intelligence identifies machine problems. It also provides invaluable insight and support to maintenance professionals by recommending preventive actions that need to be taken. It is important to emphasise at this point that the goal of Assisted Maintenance is firmly anchored on empowering maintenance professionals to provide more assertive diagnostics with human feedback in the loop. Luis Moncada, Maintenance Manager at Johnson Controls, a US manufacturer of heating, ventilation and safety equipment, noted that Tractian is more agile in implementing new technologies. It is also much more co-operative in coming up with new ideas and implementing them.