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Norican Monitizer Prescribe 1540 5f56e1cdea31a

Norican Invests in AI Developer DataProphet

Sept. 8, 2020
The metalcasting process group's involvement with the tech firm has grown to involve an exclusive SaaS product, and now includes an equity stake.

Norican Global A/S has taken a minority share in DataProphet, a developer of Artificial Intelligence (AI) technology for manufacturing processes, including metalcasting. Without revealing the value of its investment, Norican and DataProphet reported the former is a participant in a recent financing round in which DataProphet raised $6 million, and that Norican CEO Anders Wilhjelm will take a directorship with the South Africa-based developer.

Norican is a holding company for a series of businesses that supply equipment and technology to foundries and diecasters, including: DISA, a supplier of green-sand molding technologies; Italpresse Gauss, suppliers of high-pressure diecasting technologies; StrikoWestofen, suppliers of light-metal melting, holding, pouring, and dosing furnaces; and Wheelabrator, suppliers of shot-blasting, shot-peening, and surface-preparation systems.

Earlier this year DataProphet and Norican established an industry-exclusive partnership to incorporate "meaningful AI applications into real-life foundry environments."

In May, Norican launched Monitizer | Prescribe, an AI software-as-a-service for foundry operations that applies predictive analytics to evaluate processes, pinpoint root-causes, and calculate optimal machine and raw material settings for every casting, to avoid defects. It said the optimizes production and reduces scrap in real-life foundry environments.

“We remain committed and passionate about bringing practical AI applications into foundries, and we are excited to now become a shareholder in DataProphet,” Wilhjelm stated. “With fresh capital, DataProphet can accelerate their development efforts to benefit both Norican’s customers and other industrial clients.

“Our experience so far shows massive value in leveraging AI to reduce waste and resource consumption, as well as to increase yield,” he continued. “We have already seen substantial customer interest in Monitizer | Prescribe and are very optimistic about what DataProphet and Norican can achieve together.”