gnista.io is joined by Katharo Ventures and IST cube in their mission to simplify industrial energy management through their AI-powered no-code data collection and analytics tool, while simultaneously securing public funding.
Vienna, January 13, 2022 – After proving industry’s demand for domain driven analytics in the energy management sector with companies like Wien Energie, Verbund, Infineon and Alpla, gnista.io is now joined by Katharo Ventures led by Wolfgang Platz and the european deep-tech venture fund IST cube. On top of the financial investment, the gnista.io team could secure additional funding from AWS, Austria’s biggest promotional bank. gnista.io will use the investment to enrich the functionalities and broaden its user base.
Anna Pölzl, CEO and co-founder of gnista.io: “The IoT, Energy and Industrial CO2 – Data environment is growing at a fast pace. We know that we need to be just as quick in onboarding non-data scientists to be part of this journey. That is why teaming up with Katharo Ventures and IST cube makes perfect sense. With Wolfgang Platz’s expertise in bringing exceptional software to the market and IST cube’s know-how and experience in science-based start-ups, we found the ideal match to drive our mission.”
Bernhard Petermeier, Partner at IST cube, comments: “gnista.io’s team has all it takes to break the current domain thinking and to lead the way into a new class of analytics tools. gnista.io is built for users focused on solving crucial engineering questions instead of fighting data integration or coding challenges”.
The pressure to increase energy efficiency and reduce CO2 emissions in the industry is rising enormously. IoT Data builds the basis to tackle these challenges.
“The Internet of Things (IoT) has been called out as a top three technology trend for years. With the ever-increasing acceleration of technology adoption, this area has reached critical mass, driving the demand for higher level analysis and admin layers of incoming IoT data. In gnista.io’s team we see both IT and IoT specific excellence merging. Up for a great ride!” adds Wolfgang Platz, CEO and founder of Katharo Ventures.
gnista.io is empowering engineers to use existing IoT-Data intuitively, efficiently and collaboratively to generate fast insights. By enabling domain experts directly, the young company aims to make energy and CO2 management a daily routine. Companies can finally take back control over their data, share insights and improvements, and leverage the full potential of IoT Data. “Making data easy to use is step one. In order to set a new standard for industrial improvement we will make proven solutions sharable to broaden the impact of genius ideas. The one thing all companies have in common is unused data – why not use it?”, Anna Pölzl concludes.
IoT data insights can save up to 20% of energy in production facilities. However, generating these actionable insights is associated with high processing costs, leaving a large percentage of existing data unused. With gnista.io, the start-up aims to enable their engineers and domain expert users in harnessing the full potential of various data sources, setting a new standard in the crowded industrial data analytics space, and ultimately contributing to reducing carbon emissions.
gnista.io is built on a proprietary semantic description technology that allows processing time-series data much more efficiently and intuitively than competing technologies. The software simplifies the creation of digital twins, processes data with embedded AI algorithms, and identifies the source and verification status of data. Its tagging system can be used for easy data localization and navigation, as well as other tasks.
gnista.io is a spin-off from TU Vienna, winner of the Mission Innovation Austria and Energy Globe Vienna, alumnus of the I.E.C.T Innovators Road program, the i2c business incubator, and the Grow F program. The company has received grants from the Vienna Business Agency as well as the promotional bank AWS. The start-up has recently been admitted as one of 13 startups to the Verbund X Accelerator, where they will work together with Verbund AG on increasing the efficiency of energy production and the reduction of CO2 emissions.
About Katharo Ventures
After successfully growing Austria’s unicorn Tricentis into its today’s position as the global leader in software testing, Tricentis’ founder Wolfgang Platz has founded Katharo Ventures as a funding vehicle for tech start-ups. Via Katharo, Wolfgang Platz invests in ambitious, dynamic companies, providing hands-on experience and support to complement their entrepreneurial spirit.
About IST cube
IST cube is a seed fund focusing on deep-tech and science-based start-ups and spin-offs. The fund leads investment rounds in pre-seed and seed stages with the ability for follow-on investments. IST cube supports the portfolio companies with equity, know-how and network. In addition, the fund has a strong partner in the Institute of Science and Technology Austria, which provides access to scientific infrastructure.
IST cube is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (“EFSI”) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.