AI firm Complexica welcomes Perennial Partners to the register with $3m investment
Artificial intelligence company Complexica has brought Perennial Partners onto the register, pushing the funds raised in the past 18 months to $22m.
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Artificial intelligence firm Complexica has raised $3m from Perennial Partners, bringing the amount it has raised over the past year and a half to $22m.
Perennial joins listed fund manager Microequities Asset Management, which put in $5m in June 2021, MA Financial, and South Australian ports operator Flinders Ports on the share register.
Adelaide-based Complexica develops AI software to optimise sales, marketing and production processes, and has clients including Pfizer, Pernod Ricard and PFD Food Services.
It also recently signed up electricity grid operator SA Power Networks (SAPN) as a client, and will provide it with predictive tools for asset maintenance and replacement.
Perennial senior investment and legal principal James McQueen said managing director Matt Michalewicz and his founding team were “outstanding, and highly backable, having built and exited two successful enterprise AI platform businesses over the last 20 years’’.
“With Complexica, the team have built a highly sophisticated, AI-driven decision making platform that captures and delivers enormous value to a large and growing number of quality blue chip customers across a range of industries.
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“Complexica has a market leading position in Australia and is well positioned to scale up significantly both within Australia and globally.
“We are thrilled to be joining the register and look forward to supporting Matt and the team as they grow Complexica going forward.”
Mr Michalewicz and his team, which includes his father and the company’s chief scientist Zbigniew Michalewicz and chief software architect Constantin Chiriac, founded SolveIt Software which they sold to French multinational Schneider Electric in 2012, before going on to co-found Complexica.
The latter company’s Decision Cloud technology is designed to help companies make better decision in situations where there is a large amount of data, beyond the capacity of human managers to absorb and use in a timely manner.
For SAPN the company will use its proprietary AI/machine learning engine, Larry the Digital Analyst, to forecast the probability of equipment failure, allowing the grid manager to focus on work orders targeting assets at higher risk of faults.
“To do this manually would require the identification of equipment at potential risk of failure through manual analysis of historical replacement data, audit data, and many other datasets, along with external factors such as weather, proximity to water, and bushfire zones, among others,’’ Complexica said.
“Larry the Digital Analyst automates this extensive analysis and at its core, is made up of a variety of smart algorithms such as Bayesian networks, artificial neural networks, and genetic algorithms, among others.
“These algorithms perform certain tasks – such as data collection, augmentation, predictive modelling, trade-off analysis, optimisation, and so forth – to provide optimised decision recommendations to end users.’’
Pernod Ricard is rolling out Decision Cloud globally and Complexica announced in September it was going live in the winemaker’s Spanish operations, following deployment across Australia and New Zealand.
That project, “forms part of a multi-year transformational project for Pernod Ricard Winemakers that is transitioning the business from paper, whiteboard, and spreadsheet-based systems, to Complexica’s cloud-based applications for supply chain planning, scheduling, and AI-driven optimisation.
“Earlier phases of the project were focused on the digitalisation of business processes and optimisation of planning and scheduling activities within winery, finished goods, and bottling operations, whereas later phases focused on the optimisation of vintage-related activities in terms of harvesting and transporting grapes into wineries for intake and crushing.’’
Perennial, which has more than $8bn under management, has invested via its vehicles which focus on pre-IPO and IPO opportunities and high growth companies.
Originally published as AI firm Complexica welcomes Perennial Partners to the register with $3m investment
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