Momenta Ventures Invests in ChemTech AI for Manufacturing Processes
Posted by Ben Steven
Momenta Ventures is pleased to announce its investment in ChemTech AI:
ChemTech AI is a New York-based provider of Artificial Intelligence (AI) basedproductivity solutions forcomplexcontinuousmanufacturing processes
The company currently operates primarily in the petrochemical, food, and cosmetics industries
Chemtech AI’s co-founders – Oleg Giiazov, Dimitry Shalupkin, andEvgenyBunin – are processindustry specialists with deep experience in petrochemical engineering
ChemTech AI combines theoreticalthermodynamic and statisticalmodelingwith deepindustry experienceto developanAIbasedsolutionthatassists operators inrunning and optimizingprocessing plants.The companyoffers twoadvancedsolutions:AI Operatorand ChemTab AI. Together, these solutions createand optimize a digital twin ofcomplexcontinuous manufacturingprocesses.These processes involve monitoring hundreds of parameters to optimize product quality and maximize output. Typically, operators can only monitor a subset of these parameters, leaving significant room forassistance andoptimization.
Using AI Operator,ChemTechAIcustomers canmonitor andautomate processes, increasing output and reducing the risk of human errors. Outcomes can be improved even further byleveragingChemTabAIwhichanalyzespast operations datato createa thermodynamic‘digital twin’model of theprocess.ChemTabAI enables customers to predict outcomes of their processesby testingvarious parametersand simulating theimpactacrossproduct quality and equipment utilization, providinga prediction of the process outcomes 15 to 30 minutes in the future.
Ken Forster, Executive Director of Momenta Venturessaid“Wewereintriguedby the deep industry experience inChemTech AI’steamand theresults of their early pilots.Manufacturing is one of our core Digital Industrysectors,and the use of AI to optimizeoperatingefficiencyand reduceriskis athematicfocus for us.”
Oleg Giiazov, Founder ofChemTechAIsaid “We are pleased to see Momenta Ventures with us. Momenta’s intimate manufacturing industry knowledge is valuable forChemTechAI. This investment is an essential milestone in our way of improving and changing the manufacturing industry.”
About ChemTech AI
ChemTechAIprovides SaaS solutionsto improve efficiency and automate operations ofkey processeslike distillation and reactionin petrochemical, food, and cosmeticsplants. Learn more at http://www.chmtch.com.
About Momenta Ventures
Momenta Ventures is the investment arm of Momenta Partners, the leading Digital Industry Growth Partner firm. Led by deep industry practitioners with strong entrepreneurial and corporate pedigree, Momenta Ventures has made over 30 investments, with notable exits to SAP, PTC, and Husqvarna Group. Momenta Ventures operates two Digital Industry funds, focused on Seed and Series A investments in Digital Energy, Manufacturing, Smart Spaces, and Supply Chain. Momenta’s newest fund focuses on Industrial Edge including LPWAN-powered Digital Industry innovation. For more information, please visithttps://momenta.vc.
Momenta Partners encompasses leading Strategic Advisory, Talent, and Venture practices. We’re the guiding hand behind leading industrials’ IoT strategies with over 200 IoT leadership placements and 30+ young IoT disruptors.