Aquant.io Announces $2.6M Seed Round, Bringing AI Into the World of Service to Solve the Multi-Billion-Dollar Downtime Problem

Aquant, a New York City-based tech company, announced it has secured $2.6 million in seed funding from World Trade Ventures, SilverTech Ventures, AngeList Syndicate led by Gil Dibner, and a group of private investors in order to expand their customer base and accelerate development of the technology's abilities.

Aquant, a rising name in the tech business ecosystem, has developed sophisticated AI and machine learning technology to addresses the multi-billion-dollar problem of machinery downtime that troubles service companies. The unique aspect of Aquant's technology is its ability to locate potential failures at levels that are difficult to be predicted by humans.

Companies in the service industry have gotten used to paying a fortune on a yearly basis on machinery downtime and recurring technicians' visits, due to lack of technicians' skills and wrong stocking of parts.

Aquant provides service companies with a permanent solution for this problem.

"The downtime problem is a $647 billion a year problem. It still amazes me that service companies have let this problem go on for so long," says Shahar Chen, CEO and co-founder of Aquant. "It takes an amazing, experienced, dedicated team with the specific knowledge of the industry and of AI to change things and solve this problem. We are really proud of the team at Aquant.io for providing the solution the industry has been looking for."

Engineered with predictive AI and machine learning, Aquant's state of the art algorithms are able to forecast the servicing needs long before they occur and save precious downtime, all based on the analysis of existing historical structured and unstructured data.

"As one of the pioneers to introduce artificial intelligence and machine learning to the space of service, Aquant is creating a revolution by eliminating the need to replace existing IT systems at an excessive cost," says Assaf Melochna, COO and co-founder of Aquant. "Instead, Aquant turns those IT systems into intelligent ones by providing a 'brain' that is able to collect and analyze any format of data in a flash and generate predictions for expected technical failures of the machine, the most cost-effective solution and the required parts and skills in order to increase uptime."

"We are excited to be a part of Aquant's growth trajectory and looking forward to seeing Aquant's team grow their company and provide value to their clients on a global scale," said Charlie Federman, Partner at SilverTech Ventures.

The company is a winner of the Industry Innovators 2017 Award, and the keynote speaker at the upcoming Field Service Connect convention in Austin, Texas on Nov. 13.

For further information and to learn more about the revolutionary technology contact hello@aquant.io.