Senseye CEO Dr Simon Kampa
Senseye, which has developed unique software that can detect problems in manufacturing equipment, has closed a £3.5m investment round.
Senseye Limited, a market leader in predictive maintenance software, has raised £3.5m after closing a Series A funding round led by MMC Ventures. The round was also supported by existing investors Breed Reply, IQ Capital and Momenta Partners.
The company will use the funding to meet fast-growing customer demand for its automated condition monitoring diagnostics and prognostics product - which enables industrial companies to easily predict the failure of machines months in advance.
Senseye’s cloud-based solution helps manufacturers reduce maintenance costs by automatically identifying machine failure through machine learning algorithms fed with data from the Industrial Internet of Things (IoT).
Already trusted by a growing number of Fortune 500 industrial and manufacturing companies, including leading global automotive and automation brands, the funding will enable Senseye to meet the diverse needs of existing and new customers by expanding the company’s R&D teams.
This will ensure the product remains at the forefront of predictive maintenance technology globally.
“We’re delighted to have secured the right capital and strategic partners to help us to accelerate our success,” said Senseye CEO Dr Simon Kampa, who co-founded the company in 2014.
“We’re confidently on the way to making unplanned machine downtime a thing of the past and leading an emerging US$5bn market.”
Simon Menashy, a partner at MMC Ventures, added: "We believe that predictive analytics is going to have a transformative impact on industrial companies over the next decade.
“Over the past year we have met and assessed more than 250 companies applying AI and machine learning technologies across every sector - Senseye's mix of cutting-edge data science and deep understanding of engineering puts them amongst the very best we have seen.
“I'm excited to work with them to create some of that transformation and build a big company in the process."