by Chuck Black
Ask David McPhail, the president and CEO of Memex Automation about what he plans to do with the funds generated from his firm’s recently completed private placement, and he’ll most likely talk your head off.
As outlined in the August 11th, 2014 Market Watch post “Astrix Networks Inc. $2,000,000 Private Placement Oversubscribed,” the company, which operates under the name Memex but was originally known as Astrix Networks, just finished raising over $3M CAD gross.
According to McPhail, the new funds will be used for sales and marketing.
“I want to use the funds to grow the company” he said, during a recent interview. “It takes money to grow and I want to take advantage of the opportunity this funding provides.”
Memex, which builds tools to track shop floor manufacturing activities in real time to identify production bottlenecks and increase efficiencies, has several recent high profile successes to its credit.
For example, the May 21st, 2014 Thomas Net News Tech Trends post “Going the Distance: Solving 'Last-Meter' Connectivity on the Shop Floor,” discussed how a Memex solution helped Mississauga based Magellan Aerospace get more production out of three legacy machines using proprietary technologies at one of its aircraft component production plants.
According to the article, Magellan was able to improve the overall equipment effectiveness (OEE) rate of the three legacy machines from an initial level of 36.9 percent to 85 percent very quickly. The company saved “the capital cost of a new machine and monetized $40,000 per month of production time,” which was enough of an improvement to pay for the cost of the solution within four months.
According to McPhail, “our best clients are in the aerospace and defence sector because we’re very good at improving the efficiencies of custom machinery that builds precision components.” Current clients include Contour Aerospace, Ford, Lucent Technology, Messier-Dowty and approximately 50 others.
Memex, with its innovative technology, is helping to re-invigorate and expand the capabilities of other manufacturers.