Better Futures Secures €500k in Funding to Accelerate Roll-Out of AI Assistant Platform for Engineers
Better Futures an early-stage artificial intelligence (AI) focused start-up has today announced that it has secured €500k in pre-seed funding from angel investors. The company will use the funding to accelerate the roll-out of EVATM, its novel AI Assistant and Platform for engineers and manufacturers.
EVATM (Engineering Virtual Assistant) enables engineers and manufacturers to successfully adopt AI in an innovative approach with the potential of 10x reduction in lead times, costs and associated risks.
Most engineering and manufacturing leaders have struggled to adopt AI as the entry level is too high. To successfully implement classical data analytics use cases such as predictive maintenance into production requires significant upfront investment of time, money and resources. The result is that the potential of AI has been limited to a small percentage of companies and departments with the resources and access to the right knowledge and experts.
Leveraging Large Language Models (LLMs) and the GPT technology breakthrough, Better Futures has developed and launched EVATM, a novel assistant and platform to solve this problem with AI adoption.
EVATM enables engineers to identify tailor fit AI use cases and then rapidly deploy AI assistants to access the relevant data and knowledge from across their organisations at the press of a button, in real-time and in context, saving time and money.
Better Futures, headquartered at NovaUCD in Dublin, was founded in 2023 by Anthony Mc Loughlin. He has a 15-year background combining data science, rocket science and business development to help manufacturers such as Airbus, Mercedes and Rolls Royce successfully adopt generative design, advanced analytics and AI.
Anthony Mc Loughlin, CEO and Founder, Better Futures said, “This pre-seed funding will help us accelerate the roll-out of EVATM in our initial target markets of Ireland, the UK and Germany, but our goal is to roll out EVATM to engineering and manufacturing leaders worldwide. To achieve this goal, we will be looking to close a seed funding round later this year.”
He added, “The adoption of AI into manufacturing and engineering is critically important for all our futures. It is happening but it is very niche and painfully slow. The good news is that with LLMs and the GPT breakthrough we can solve this problem and bring 10x scale and acceleration to this important movement.
LLMs as incredible as they are, are ‘just’ the engine. Engineers and manufacturers need dedicated ‘AI Assistants’ to solve their problems and that integrate into their complex ecosystems of expert knowledge, regulations, data and IT systems.”
He concluded, “We built EVATM to bridge and automate these gaps. To start we focused first on solving the most urgent problem, getting the 96% of engineers and manufacturers from zero to a first AI successful deployment. We encourage engineers and manufacturing leaders to give EVATM a try for free on our website, it is a unique different approach.”
EVATM can be accessed for free via https://www.betterfutures.ai/
ENDS
27 June 2024
For further information contact Micéal Whelan, Communications and Media Relations Manager, UCD Research and Innovation, NovaUCD, e: miceal.whelan@ucd.ie
Editors Notes
Better Futures believes the physical world is our home and future. We believe that digitalisation and AI should be a means, not an end, to improve our physical world. We need better cleaner cars to bring us together, rather than the metaverse to keep us apart, we need cleaner energy solutions rather than more micro trading...we need to thus empower engineers and manufactures with AI, so they can build a better physical world and future. https://www.betterfutures.ai/
NovaUCD has been nurturing and supporting high-tech start-ups with global potential, such as Better Futures, since 2003. Since then, NovaUCD has developed an excellent and expanded infrastructure and a suite of comprehensive business support programmes, including dedicated accelerators, and an ecosystem of mentors, investors and industry partners that help to nurture an enthusiastic and dynamic community of start-ups and established companies, to grow and scale on the global stage. NovaUCD’s founding sponsors are; AIB, AMD, Arthur Cox, Deloitte, Enterprise Ireland, Ericsson, Goodbody and UCD. www.novaucd.ie