LAFAYETTE — AlchemyIoT, a provider of asset intelligence for small- to mid-size industrial companies, has raised $4 million in venture capital and is launching its first product.

The Lafayette-based startup is the brainchild of CEO Victor Perez, former chief operations officer of StorageTek. The company’s staff is made of veterans from IBM, GE, StorageTek, Sony Electronics and other major tech companies.

AlchemyIoT’s cloud-based software-as-a-service product, Clarity, provides a simplified, “no-code” approach to asset intelligence and management.

Its asset intelligence framework combines visualization and analytics with a customer’s processes and people. It uses machine learning and artificial intelligence to analyze problems that a company’s assets, such as cranes, tractors or other essential items, might have. Then it uses its data analysis to solve those problems, whether it be to proactively repair items, analyze exactly how many assets a customer needs to be efficient or where those assets should be located.

For a customer that is an electric utility, for example, a potential issue that they might have is a transformer failing, causing power failures. But AlchemyIoT’s program analyzed a year’s worth of data and using its algorithm was able to predict when the transformer would fail and have alerts to repair it before failure occurred.

“Our algorithm will learn,” Perez said. “It gets smarter as time goes by.”

Perez said there are some solutions in the market, but they are more platform-based that give a client a product that can be used to customize their processes.

Clarity is meant for small- and medium-sized companies, and provides analysis at a lower cost than other competitors or what it would cost to hire an in-house data science team.

The majority of AlchemyIoT’s $4 million in funding came from Aweida Venture Partners, the investment firm of StorageTek co-founder Jesse Aweida. Perez said Aweida was the right choice for financial partner, both from knowing Aweida and working with him, as well as Aweida Venture Partners’ history in investing in early stage companies.

The funding has gone to validating the product and will now be used to ramp up sales. Perez said AlchemyIoT is a team of about 15, but in the next 12 months plans to have about 35 to 40 employees, many of whom will be in sales and marketing.

“We’re very happy with where we are and where we are going,” he said. “We should be able to be very successful in Boulder County.”