Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

London-based startup Flexciton raises £2.5 million to optimise production lines

London-based start-up Flexciton has raised £2.5 million in a funding round led by Backed VC, TechCrunch reported today.

The company is using AI to help factories optimise production lines, and pitched at EF’s 6th London demo day in 2016.

Flexciton AI solutions optimise the way manufacturers plan and schedule “multi-step production lines” and reduce much of the traditional heavy lifting for humans, allowing machines to step in more consistently instead.

“Running every factory in the world is a plan for that factory’s production,” Flexciton co-founder Jamie Potter told TechCrunch. “This plan dictates everything which goes on in the factory. Plan well and a factory can be very profitable but plan badly and the same factory could deliver late on customer orders, overspend on equipment and materials and have its margins destroyed.”

Bu human-made plans are not always the best, Potter added. “The problem is, finding that optimal plan is one of the hardest mathematical problems that exist in the real world”.

The way Flexciton AI works. Credit: Flexciton.

And machines are very good at solving mathematical problems. Since Flexciton’s AI technology learns from a factory’s data, Potter says, it can understand exactly how that factory works. “It can then search through the trillions of different options to find the most efficient production plan. The results can be staggering too as our technology has shown time and again that it is capable of double-digit performance gains to a factory” he said.

The company has customers in very different sectors, from textiles to food, from automotive to semiconductor. “We love to work with particularly complicated factories,” Potter said. “Here the planning problem is the hardest and this is where we add the most value.”

In order to work with different industries, Flexciton has recruited several experts in the field of industrial optimisation and AI. Flexciton’s senior optimisation scientist, Dr Giorgos Kopanos, has also published a book on the topic.

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