IFS to acquire Falkonry AI

Cloud software company IFS has announced it has signed an agreement to acquire Falkonry, Inc., a California-based industrial AI software company that provides automated, high-speed data analysis to the manufacturing and defence industries. The AI-based, self-learning solution continuously monitors large volumes of data for assets, machines, systems and industrial processes to discover and analyse unusual behaviour and causes of failures.

Over the past two decades, the growing scale of assets, machines and fleets has generated unprecedented amounts of data, making real-time operational monitoring highly complex and hindering immediate operational enhancements, such as maintenance and process adjustments. According to IFS, by leveraging Falkonry’s automated and self-learning AI, organisations can democratise intelligence, enabling operational users to take timely actions to prevent asset downtimes, quality issues and emission violations, and automate process and workflow improvements.

IFS says that the addition of Falkonry’s self-learning anomaly detection solution to IFS’s existing enterprise simulation and AI-based scheduling and optimisation capabilities further evidences the company’s strategy to use AI pervasively to provide end-to-end intelligent insights in EAM (enterprise asset management) across ERP (enterprise resource planning), MES (manufacturing execution system), PSO (planning, scheduling, optimisation), FSM (field service management) and ESM (enterprise service management) technology to increase people and asset productivity.

Headquartered in California, USA, and with regional presence in Mumbai, India, Falkonry was founded in 2012 by CEO Nikunj Mehta. The company has customers across North America, South America and Europe, including the US Navy and Air Force, Ternium, North American Stainless, Harbour Energy and SSAB, demonstrating its focus on industries in industrial manufacturing and defence agencies.

“Falkonry is unique in the market because its technology is agnostic and also it does not require data scientists,” said Darren Roos, IFS CEO. “These are great differentiators for Falkonry that means the solution is both scalable and low-cost to implement — two fundamental attributes that very much align to our own values.

“Falkonry’s technology can be applied in all industries, and whilst the team has some hugely impressive references in IFS’s focus markets on asset performance management, manufacturing execution systems, servitisation and configurable workflows, we see a really broad addressable market to capitalise on.”

“The convergence of artificial intelligence and industrial processes has become increasingly crucial for organisations seeking to enhance productivity through data,” Mehta said. “We are thrilled to join forces with IFS and looking forward to combining our unique strengths to provide a truly compelling value proposition to our existing customers as well as IFS’s customers.”

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