🇳🇴 Yara makes strategic investment in Intelecy

June 27, 2023

Press release from Intelecy

Yara invests in Intelecy
From left: Bertil Helseth (CEO and founder at Intelecy), Jon Øyvind Eriksen (Board Chair at Intelecy), Anna Olsson (Chief Commercial Officer at Intelecy), Stian Nygard (Investment Director at Yara Growth Ventures) and Ulf Berg (SVP Portfolio Development at Yara Growth Ventures)

The industrial AI company Intelecy has raised 3.5 mill USD in an investment round led by Yara Growth Ventures, and with participation from GC Rieber, Aidiom and Investinor.

Intelecy provides a no-code AI platform, specifically tailored for industrial engineers and plant operators, eliminating the need for manual coding. By utilizing the platform, process engineers can rapidly create AI models to optimize processes that reduce waste, emissions, energy consumption and costs. Intelecy serves customers in the chemicals, energy, food and beverages, mining and minerals, and utilities industries.

“Intelecy has developed exciting AI solutions for production and process optimization. We have received very strong recommendations from Intelecy’s industrial customers. Yara invests in Intelecy since we consider it a strategic priority to participate in the development of AI for the industry,” says Ulf Berg, SVP Portfolio Development in Yara International ASA and chair of the board at Yara Growth Ventures.

Intelecy is satisfied with having Yara as a new lead investor:

“Yara is the world’s leading crop nutrition company, and a global provider of environmental and agricultural solutions. We consider the investment from Yara Growth Ventures a great validation of our vision, which is to help factory workers make industrial production more sustainable by optimizing production, reducing waste and energy consumption, and eliminating harmful emissions,” says Bertil Helseth, CEO and founder of Intelecy.

The industrial group GC Rieber also joined the investment round. GC Rieber is a customer of Intelecy and uses AI to optimize and digitalize the production of nutraceuticals.

“Our local factory workers use Intelecy to optimize the production of high-end Omega-3 concentrates and develop critical digital skills as part of the process. Intelecy has enabled us to embrace AI, making the factory smart and more sustainable. We are very impressed by the ease-of-use of the Intelecy solution, says Fredrik Harloff, CIO at GC Rieber.”

Advances in AI represent a huge value-creation potential for the process industry. But many AI projects still fail. Industry leaders often cite a lack of talent as the critical barrier to adopting AI.

“We invest because Intelecy helps solving the skills gap in manufacturing by enabling the existing workforce to use AI,” says Jon Øyvind Eriksen, CEO at Aidiom and the chair of the board at Intelecy.

Investinor increased its ownership stake in Intelecy.

At Investinor, we’re investing in the businesses of tomorrow, and few sectors hold as much promise as artificial intelligence and machine learning. Intelecy stands out in the industrial AI space by offering businesses easily implementable tools for optimizing efficiency. Intelecy is well-positioned to meet the growing demand for intelligent and sustainable manufacturing solutions,” says Investment Manager Egil Garberg at Investinor.

The Intelecy solution combines a user-friendly no-code interface with a secure two-way real-time data communication between the factory production systems and advanced machine learning algorithms for continuous optimization and predictive maintenance.

The investment round was co-led by the AI investor Aidiom and Investinor, Norway’s largest venture capital investor. The new funding will be used to strengthen marketing, sales and product development. Erkki Altonen, CEO of Yara Growth Ventures, and Egil Garberg, investment director of Investinor, join the board of directors.

“We look forward to benefit from Erkki’s and Egil’s extensive experience and network,” says Bertil Helseth, CEO and founder of Intelecy.

Contact information

Anna Olsson Chief Commercial Officer at Intelecy Phone: +47 982 22 841 Email: [email protected]

Ingvild Hollerud Helseth Head of Communication at Intelecy Phone: +47 958 12 253 Email: [email protected]

About Intelecy Intelecy is an innovative SaaS company that was established with one clear goal: enabling sustainable production within the industry. Intelecy’s no-code Industrial AI platform is built for industrial data and made for industrial citizens. The easy-to-use tools enables engineers and operators to create, use and operationalize sophisticated AI algorithms, without prior knowledge of coding. By using Intelecy, a wide range of industrial companies improve resource utilization, prevent unplanned downtime, increase capacity and minimize their environmental impact. www.intelecy.com

About Yara Yara grows knowledge to responsibly feed the world and protect the planet. Supporting our vision of a world without hunger and a planet respected, we pursue a strategy of sustainable value growth, promoting climate-friendly crop nutrition and zero-emission energy solutions. Yara’s ambition is focused on growing a nature positive food future that creates value for our customers, shareholders and society at large and delivers a more sustainable food value chain. To achieve our ambition, we have taken the lead in developing digital farming tools for precision farming and work closely with partners throughout the food value chain to improve the efficiency and sustainability of food production. Through our focus on clean ammonia production, we aim to enable the hydrogen economy, driving a green transition of shipping, fertilizer production and other energy intensive industries. Founded in 1905 to solve the emerging famine in Europe, Yara has established a unique position as the industry’s only global crop nutrition company. We operate an integrated business model with around 17,000 employees and operations in over 60 countries, with a proven track record of strong returns. In 2022, Yara reported revenues of USD 24 billion. www.yara.com

About GC Rieber GC Rieber is a privately owned company which offers long-term active ownership to a range of core businesses. The activities are concentrated within shipping, real estate, omega-3, specialized nutrition, salt and asset management.

Each of the business areas is characterised by high competence in niche markets. GC Rieber operates locally as well as globally, primarily in business markets. GC Rieber was founded in 1879 and has evolved over four generations, both through their own growth and through acquisition and sales. The head office is located in Bergen, Norway. ww.gcrieber.com

About Aidiom Aidiom is a Norwegian deeptech investor with a special focus on enterprise software powered by applied AI. ​We are active owners who provide long-term competent capital and strategic support to our companies. Having both founded and funded great companies, we help entrepreneurs turn their own ideas and visions into successful companies. ​We invest in our companies for the long haul and understand that success takes hard work, dedication and sheer perseverance. We support the founders when they meet new challenges, share our experience and network with our companies, and work closely with them from the very first stages until global leadership is achieved. ​Aidiom is led and funded by serial entrepreneur Jon Øyvind Eriksen (Internet Aksess, Kantega, Signicat), who combines decades of operational experience as CEO and Chairman of leading tech companies with a strong investment track record from the venture capital industry. www.aidiom.com

About Investinor Investinor AS is an investment company dedicated to providing risk capital to some of the most promising companies in their respective markets. Collaborating with founders, entrepreneurs, and other investors, Investinor engages in direct investments, seed capital and venture fund investments, as well as joint investments with private investors in seed and venture phase businesses. Additionally, Investinor facilitates pre-seed investments, either in funds or by matching investments. As the manager of the Norwegian state’s interests in seed capital and pre-seed funding scheme, Investinor plays a vital role in supporting early-stage ventures. With approximately NOK 8 billion under management, Investinor stands as Norway’s largest venture capital investor. www.investinor.no/en/

Originally published on 22 June.