• Industrial AI startup Amydga has announced that two major players in the transportation sector are joining them as investors: global aerospace company Boeing and the UAE’s Tawazun Economic Council (Tawazun).
• Investment worth ₤200,000 accelerate Amygda develops products and provides access to Boeing’s strategic expertise.
According to Amydga founder and CEO Faizan Patankar, the new investment is worth £200,000 will also allow the company to continue its focus on the aerospace and rail markets.
“The funding will help us experiment and validate with existing customers, while accelerating product development. We can now leverage more strategic expertise in maintenance data analysis and reduce the embedded carbon impact of transportation industries, through better asset utilization,” Patankar told The Recursive.
The UK-based startup uses AI and machine learning to optimize asset efficiency and remove unscheduled maintenance. Last year, Amygda was also supported by Sofia-based VC. BrightCap Ventures And spear a technological hub in Bulgaria.
Expansion into new regions
The startup before collaborated Boeing being one of 10 startups selected to join the Aerospace Xelerated 3 cohort that focuses on artificial intelligence (AI) and autonomous technology in aerospace.
Founded by former 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 industry partnerships to benefit the UAE’s sovereignty and its broader economic impact and prosperity.
The Tawazun Economic Program supports and enables local suppliers, SMEs and startups to obtain all the necessary conditions for their autonomous economic activities.
For Amydga, the latest investment also demonstrates continued cooperation with Boeing, while integrating a new regional investor and partner into the Tawazun Economic Council.
“We always have a buzz around operations and maintenance – it’s not the most glamorous topic, but it’s a huge topic! The support from Boeing and Tawazun allows us to progress into new regions, which is always exciting,” Patankar highlighted.