EqualOcean has been informed that FREQX(Chinese: 频率探索), an industrial AI predictive maintenance company, has closed tens of millions CNY in Series A funding.
Founded in 2021, FREQX is an industrial AI predictive maintenance company. The company has mastered a large amount of industrial equipment mechanism research data and signal analysis and diagnostic methods, and is able to provide early diagnosis, fault quantification, life prediction, and intelligent operation and maintenance services for equipment failures.
Predictive maintenance is an important part of the construction of the industrial Internet platform, which can effectively help enterprises better monitor and predict the health of equipment and operation and maintenance. On May 1, 2022, the first national standard for predictive maintenance was implemented, which classified and promoted the concept of predictive maintenance.
Currently, there are two main types of predictive maintenance companies on the market, one is through the installation of vibration monitoring devices, the collection of vibration signals, and then manually analyzed by a remote analysis team to arrive at predictive maintenance results; one is based on the industrial Internet + big data + collection box, through artificial intelligence methods, to get predictive maintenance results.
Meng Li, Founder and Chairman of FREQX, analyzed the volume of the predictive maintenance market, and he believed that the domestic investment in industrial equipment exceeds 10 trillion per year, and there will be a cumulative equipment investment of 50 trillion in five years. These types of equipment will generate different operation and maintenance costs every year, which account for 1% on average, and there is a market space of about USD 500 billion per year; predictive maintenance accounts for about 20% of it, i.e., a market of USD 100 billion per year.
The FREQX solution is a combination of hardware, algorithm, and software. Currently, FREQX can diagnose more than 40 fault types in more than 20 industries and more than 50 types of equipment.
In terms of hardware, FREQX will acquire data through different types of sensors such as wireless sensors, wired sensors, etc., and then summarize the data through wireless gateways and data acquisition cards, etc., so as to do a good job of front-end data collection.FREQX is also making full use of the characteristics of the micro-nanometer MEMS chips, hoping to make the sensors more and more compact, low-energy, and computationally powerful, so that in the future it will be able to achieve a more general and widespread Edge Computing.
At the software level, FREQX provides an AI device software with multi-dimensional judgment criteria, which provides real-time tracking of multi-dimensional failure mechanism models for the device and provides minute-level fault diagnosis results; the entire diagnosis results are automatically calculated by the AI engine.
Currently, FREQX focuses on chemical, metallurgy, manufacturing, new energy and other industries, and has already served Sinochem Group, Huadian, FAW and other back-loading customers; its products are also used in equipment manufacturing, compressors, steel manufacturing equipment and other front-loading customer sites, and have gained the acceptance and recognition of the head customers.
This round of financing was led by Yonghua Capital (Chinese: 涌铧投资) and followed by Changzhou High-tech Investment (Chinese: 常州高新投). The funding will be used for product development, production line construction, and market expansion.