New York, NY – August 7, 2024 – Datch, a pioneer in AI technology for frontline manufacturing, energy and utility sectors, today announced the closing of its $15M Series A via an extension led by Third Prime. The fundraise coincides with the launch of Datch’s latest product offering, Asset Insights.
Industrial organizations face a growing challenge: intensifying competition requires them to increase asset availability while the skills gap across the industry widens at an alarming rate.
Datch’s Asset Insights seeks to solve this problem by leveraging breakthroughs in LLM and graph technology so organizations can turn the unstructured, disparate information within their ecosystem into actionable insights that improve operational outcomes. As the latest installment of Datch’s Frontline Intelligence Platform, it represents the next step in the company’s mission to empower operations that accelerate the world’s economy.
Datch CEO and cofounder, Mark Fosdike, explained, “The world is facing an enormous skills shortage, and AI is one of the key pillars to bridge that gap. While surfacing information has gotten easier over time, organizations have yet to leverage AI to generate true insights – think patterns, trends, predictions, understanding – that extend beyond efficient search and directly progress business objectives.” He continued, “by turning enterprise information into democratized knowledge, we are enabling industrial teams to not just survive these challenges, but to thrive in a new, highly productive frontier. We’re excited to partner with Third Prime to continue bringing this opportunity to the most influential organizations around the world.”
Third Prime, a leading venture firm focused on the industrial technology space, led the latest round of funding, and is joined by existing investors including Blackhorn Ventures, Blue Bear Capital and Susquehanna Investment Group.
"Today's most critical industries rely on data to power their growth. Datch is enabling companies on the industrial frontline to improve their deskless workforce's access to high-quality data and empowering workers to use those insights in real time,” said Third Prime General Partner, Mike Kim. “By leveraging AI, Datch reduces asset downtime and optimizes manufacturing performance to drive tangible ROI to both its customers and their enormous end markets.”
Though today marks the public launch of Asset Insights, global enterprises working with Datch have already deployed the software across a wide range of use cases. Asset Insights has been used to generate field instructions to distribution line workers, automate data enrichment like fault codes and root cause for manufacturing reliability teams, and draft work plans for planning teams - all applications enabled by agentic workflows that automate many of the burdensome tasks these teams execute daily.
Asset Insights complements Datch’s flagship solution, D/4AM, an AI-driven mobility solution designed to enhance information capture by frontline workers tenfold. Together, these solutions form Datch’s Frontline Intelligence Platform, which aims to usher companies into a new era of augmented, data-driven decision-making.
Datch plans to use this funding to invest in market expansion within the enterprise while increasing capabilities within the Asset Insights toolkit.
For more information about Datch’s Frontline Intelligence Platform and Asset Insights, visit datch.io or email info@datch.io.
ABOUT DATCH
Datch is a frontline intelligence platform for industrial operations. Using AI built for the asset management environment, Datch digitizes, structures, and streamlines work management processes while enabling deskless teams to capture 10x more data. By leveraging LLM and graph technology, Datch enables organizations to turn the unstructured, disparate information living within their ecosystem into true insights that drive operational outcomes. With offices in the US and New Zealand, Datch has introduced its technology into a growing list of Fortune 500 companies and other industry-leading enterprises in the utilities, energy, manufacturing, mining, and aviation sectors. www.datch.io
ABOUT THIRD PRIME
Third Prime is an early-stage venture capital firm specializing in industrial and financial technology. Leveraging the extensive public and private market investing experience of its partners, Third Prime provides strategic and financial guidance to exceptional entrepreneurs from the earliest stages. With a focus on high-conviction themes, the firm builds concentrated portfolios and collaborates with founders throughout the investment lifecycle to drive superior outcomes. Third Prime is based in New York and Nashville.
