Golgix announces $600,000 funding round

Milwaukee-based Golgix has developed AI software that predicts failures on automated production lines for manufacturers in industries such as food and beverage, paper, plastics, consumer goods, electronics, and pharmaceuticals. According to the company, unplanned downtime costs manufacturers hundreds of production hours and approximately 6% of their annual revenue.

The growing company announced it has closed $600,000 in seed funding. Gateway Capital Partners led the round with a $400,000 investment, and Idea Fund of La Crosse followed with an additional $200,000. Golgix is a minority-owned business, and a Wisconsin Economic Development Corporation approved Qualified New Business Venture.

With its new funding, Golgix plans to expand its Milwaukee-based technical team, build an advisory board, and secure key manufacturing clients in the Milwaukee area and beyond.

Chief Executive Officer Nitin Ranjan founded Golgix in 2021 to help manufacturers eliminate unplanned downtime, or production interruptions from unforeseen process and equipment failures. According to Ranjan, these unexpected failures disrupt manufacturing lines on a daily basis, driving delays, increasing risk and preventing manufacturers from meeting production targets. “While manufacturers have long considered unplanned downtime an unsolvable problem, AI has proven that it is predictable and preventable with existing plant data,” Ranjan said.

Milwaukee native and Golgix Co-Founder and Chief Marketing Officer Charlie Scott believes that manufacturing AI presents a strategic opportunity for the region.

“In Milwaukee and manufacturing-reliant communities across America, manufacturers are major employers that underpin economic activity,” Scott said. “These employers are losing millions of dollars to preventable stoppages that erode quality, restrict productivity and threaten their global competitiveness. AI empowers manufacturers to reverse this trend. We are proud to offer our solution to the many manufacturers that call this region home, for the benefit of everyone who lives and works here.”

Unlike competing solutions, Golgix’s AI was built to run on manufacturers’ existing automation data rather than relying on proprietary meters or sensors.

“Manufacturers already have the necessary data to predict and prevent failures today,” Ranjan said. “Their automated machines log data that foreshadows failures, but they lack the means to pinpoint, interpret or act on it fast enough to avoid interruptions. Golgix provides that service.”

Golgix’s software has been tested across manufacturing sectors and is currently deployed at Broan NuTone, a Wisconsin-based air quality systems manufacturer with installments in 80 percent of U.S. homes.

Broan NuTone Chief Information Officer Ken Garfinkel said: “Golgix will give us the opportunity to monetize data that had not previously been utilized, deploy advanced machine learning with a minimal lift and gain predictive intelligence that will help our team improve plant productivity.”

To learn more about Golgix, click here.