BFG Group, a major provider of software solutions to optimize production processes, sill receive $3 million in total from the Skolkovo Industrial Fund. Of this amount, BFG has already received $750,000 as the first part of the investment. The remaining amount will be provided based on specific terms which have not been disclosed.
This is the second round of investment for BFG Group, which was backed by the Internet Initiatives Development Fund (IIDF, or FRII in Russian) in 2016.
Presenting itself as a “digital re-engineering” company, BFG has developed an AI-based software platform to improve manufacturing performance. By creating a “digital twin” of their production process, manufacturers can identify bottlenecks and establish exactly how to optimize the process.
The BFG solution helps managers make decisions in a variety of situations: for example, if a machine has broken, if a worker has not come to work, or if investment programs or the production of a new product needs to be evaluated. Changes can be tested on the digital twin before implementation in real life.
The fresh funding will be used to develop further the platform, strengthen the team and deploy the solution in Russia and abroad.
Managed by Skolkovo Ventures, the Skolkovo Industrial Fund was established in 2018 with participation from United Aircraft Corporation, Russian Railways, Russian Helicopters as well as the state fund of funds RVC.
