• Industrial AI startup Amydga announced two major players in the transport industry join them as investors – global aerospace company Boeing and UAE’s Tawazun Economic Council (Tawazun).
• The investment worth ₤200K will accelerate Amygda’s product development, and offer access to Boeing’s strategic expertise.
According to Amydga’s founder and CEO Faizan Patankar, the new investment worth ₤200K will also help the company to continue focusing on the aerospace and rail market.
“The funding will help us experiment and validate with existing customers, whilst accelerating product development. We can now leverage more strategic expertise in analyzing maintenance data and reducing the embedded-carbon impact of transport industries, through better asset utilization,” Patankar told The Recursive.
The UK-based startup uses AI and machine learning to optimize asset efficiency and remove unplanned maintenance. Last year, Amygda was also supported by Sofia-based VC BrightCap Ventures and launched a tech hub in Bulgaria.
Expanding into new regions
The startup previously collaborated with Boeing as one of 10 selected startups to join the Aerospace Xelerated Cohort 3 that focused on artificial intelligence (AI) and autonomous technology in aerospace.
Founded by ex-Rolls-Royce engineers, Amygda has customers in the aerospace, rail, and industrial sectors in the UK and US, and is now expanding into new regions and markets such as the Middle East.
Amydga’s other new investor Tawazun develops and manages industrial partnerships to the benefit of the UAE’s sovereignty and wider economic impact and prosperity.
The Tawazun Economic Program assists and enables local suppliers, SMEs and startups to get all the necessary conditions for their autonomous economic activities.
For Amydga, the latest investment also demonstrates the continuation of cooperation with Boeing, while also onboarding a new regional investor and partner in Tawazun Economic Council.
“We still have a buzz working around operations and maintenance – it’s not the most glamorous topic, but it’s a behemoth of a topic! Having the backing of Boeing and Tawazun enables us to make progress in new regions, which is always exciting,” Patankar emphasized.