MENLO PARK, Calif., June 04, 2024 (GLOBE NEWSWIRE) -- Viaduct, a developer of pioneering AI technology that identifies, solves and predicts product failures, announces the close of a $10 million Series B funding. The round was led by FM Capital, a venture capital firm which invests in the people and technologies that are transforming the automotive and transportation industries. FM Capital was joined by Innovation Endeavors, Exor Ventures, Stellantis Ventures and Sumitomo Rubber.
The company will use the proceeds to accelerate both business development and deployments for its solution that helps customers improve product quality, boost customer satisfaction and drive operational efficiency. Viaduct’s patented TSI Engine is the only AI-powered solution that intelligently and automatically analyzes thousands of variables hidden in terabytes of data to discover patterns of health, defects and performance in products across a wide range of industries.
“Our technology solves the hardest and most intractable problems associated with finding, fixing and preventing major product quality issues across numerous industries,” said David Hallac, founder and CEO of Viaduct. “We’ve proven it across 100 billion miles of telematics-tracked vehicles and hundreds of terabytes of data analyzed each month, and we’re now ready to further expand globally.”
Viaduct, which spun out of the Stanford AI Lab, has focused its initial efforts on the automotive industry, where defects, failures and other product quality issues cost manufacturers billions of dollars each year. Viaduct’s solution has been shown to reduce the time to detect issues by over 90 percent, resulting in up to an 80 percent reduction in unplanned downtime.
This process helps customers dramatically reduce warranty spend, more efficiently deploy engineering/quality resources, and prevent failures from becoming major issues, resulting in lower costs, better customer satisfaction and higher quality rankings.
“OEMs have invested billions of dollars connecting cars and subsystems that enable software-defined vehicles,” said Mark Norman, Managing Partner of FM Capital. “Viaduct’s practical and secure solution puts that vehicle data to work to produce tangible results for manufacturers, suppliers, and operators. Viaduct represents what we love to invest in -- innovative technologies that reduce costs, drive efficiency and produce customer value.”
For example, Viaduct’s TSI Engine detected, identified and resolved multiple major quality issues for a specific North American manufacturer, directly reducing warranty cost by over $50 million. A different customer estimates $200 million in annual warranty reduction through Viaduct as they roll out their new software-defined vehicle platform later this year.
Given that Viaduct’s technology applies to any industry in which complex Internet-connected products must be kept running safely and consistently for mission-critical applications and use cases, the company will be expanding into new verticals. These include vehicle modalities across construction, agriculture, specialty, aerospace, and marine, as well as delivering optimized service and maintenance routines for vehicle fleet operators.
About Viaduct
Viaduct has developed pioneering AI technology that identifies, solves and predicts product failures, helping customers improve product quality, boost customer satisfaction and drive operational efficiency. Viaduct’s patented TSI Engine is the only AI-powered solution that intelligently and automatically analyzes thousands of variables hidden in terabytes of data to discover patterns of health, defects and performance in products. More information is available at www.viaduct.ai
