FIY ⚙️

Setting the Scene

• The environmental, construction, oil, and agriculture sectors collectively spend billions on machine maintenance each year.

• Yet, current maintenance methods are inefficient, involving sifting through thousands of pages of manuals to fix various machines.

• This week’s company automates the maintenance process with an AI-driven platform that simplifies and streamlines instruction manuals.

In a Sentence

FIY.ai simplifies heavy machinery maintenance with an AI-powered platform that offers efficient, user-friendly troubleshooting solutions.

• Maintenance: Addresses various types of machinery upkeep, including regular inspections, part replacements, and system diagnostics to prevent breakdowns and ensure optimal performance.

• AI-Powered: Instead of sifting through thousands of pages of manuals, technicians receive clear, concise instructions through text, diagrams, videos, and voice instructions.

The Basics

• Industry: Manufacturing, AI

• Headquarters: Remote 

• Year Founded: 2023

• Employee Count: 3 FTE’s 3 PTE’s

• Investors: Science and Ride Home

• Amount Raised: $800k

• Business Model: B2B SaaS

• Early Traction: Secured pilot customers in Denali and Wastewater Specialties 

IN PARTNERSHIP WITH

• The ARK Venture Fund is taking an asset class once reserved for the accredited, ultra-rich and making it available to all US investors.

• ARK offers investment exposure to companies like SpaceX, Epic Games, Figure AI, Anthropic, and more! See the portfolio here.

• You can invest in the ARK Venture Fund (ARKVX) for as little as a $500 minimum initial investment.

• All U.S. self-directed investors can download the SoFi or Titan app and invest in the ARK Venture Fund (ARKVX) now.

The above button will also contain a prospectus and fund risks. Foreside Fund Services, LLC, distributor.*

Due Diligence

WHAT WE LIKE

• Market Opportunity: The heavy machinery maintenance market is valued around $200B, presenting a vast opportunity for innovative solutions.

• Defensible Technology: FIY's proprietary AI technology, with its patent-pending issue diagnosis and machine-learning pipelining, offers a unique competitive advantage and solidifies its position as an innovator in the market.

  • Additionally, FIY is developing a fully native, mobile-first UX to meet field workers' needs, integrating a true multi-modal experience (audio, visual, text, pictures).

• Use Cases: FIY’s platform can be easily scaled across various sectors like environmental, construction, oil, and agriculture, broadening its market reach.

POTENTIAL RISKS

• AI Hallucinations: There is a risk of AI-generated solutions being inaccurate or misleading, which could have serious implications in the machinery business.

• Data Integration: Integrating diverse and unstructured data from multiple sources into the AI system can be challenging and may affect performance.

• User Adoption: Convincing traditional maintenance teams to adopt new AI-driven methods might face resistance or an educational barrier, potentially slowing down market penetration.

Founder Profile

• Joe Nigro, CEO: Previously founded Work Today (acquired by IAC).

Comps

• Upkeep: Backed by Y Combinator, Bain Capital, Battery Ventures, and others.

• MaintainX: Backed by Amity Ventures, August Capital, BVP, Bain Capital Ventures, and others.

• Limble: Backed by GS Growth and others.

• Fiix: Backed by Y Combinator, Velocity, Javelin Venture Partners.

Event Board

• NYC Industry Agnostic Dinner for Founders & Funders: On August 5th, we are hosting a dinner in NYC. Apply HERE.

• NESCAC Nexus: We are hosting an event for NESCAC alumni on August 6th in NYC. If you are a founder, funder, or operator who attended Amherst, Bates, Bowdoin, Colby, Connecticut College, Hamilton, Middlebury, Trinity, Tufts, Wesleyan, or Williams College, please join us for a very special event featuring industry veterans and first-time founders. Apply HERE.

Cast Your Vote

Last Week Today

• The results are in: LUUM, a beauty services robotics company that applies eyelash extensions through an AI-powered machine, was unfavored in last week’s poll.

• Subscriber feedback: “I understand logically that that a robot may be more accurate than a human in eyelash application, however as a target consumer, the idea of having a metal robot near my eye feels too risky.”