IFS acquires Falkonry AI to improve EAM services

Linköping, Sweden-based Industrial Financial Systems (IFS) the global cloud enterprise software company, has announced the signing of a definitive agreement to acquire Falkonry Inc., a California-based Industrial AI software company which provides automated, high-speed data analysis to both the manufacturing and defence industries. The AI-based, self-learning solution continuously monitors substantial volumes of data for assets, machines, systems, and industrial processes to identify and analyse unusual behaviour and causes of failures.

Over the past twenty years, the ever-increasing scale of assets, machines, and fleets has generated massive amounts of data, making real-time operational monitoring extremely complicated and difficult to instantly implement operational enhancements, such as maintenance and process adjustments. By leveraging Falkonry’s automated and self-learning AI, organizations can democratise intelligence, enabling operational users to act in a timely manner to prevent asset downtimes, quality issues, and emission violations and automate process and workflow improvements.

The addition of the Falkonry self-learning anomaly detection solution to existing IFS enterprise simulation and AI-based scheduling and optimization capabilities underlines 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, Optimization), FSM (Field Service Management) and ESM (Enterprise Service Management) technology to increase people and asset productivity.

Headquartered in California, USA, and 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 U.S. Navy and Air Force, Ternium, North American Stainless, Harbour Energy, and SSAB, demonstrating its focus on industries in industrial manufacturing and defence agencies.

IFS CEO, Darren Roos, commented: “Falkonry is unique in the market because its technology is agnostic and also it does not require data scientists. 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.” Roos added: “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 capitalize on.”