Startups Awards 2016 finalist Senseye raises £3.5m in Series A funding
The start-up will use the fresh capital to meet fast-growing customer demand for its automated condition monitoring diagnostics and prognostics product
Senseye Limited, a Southampton-based start-up that creates predictive maintenance software, has raised £3.5m in Series A funding.
Led by MMC Ventures, the round also included existing investors Breed Reply, IQ Capital and Momenta Partners.
Named by our judges as the highly commended ‘Tech Business of the Year’ at the 2016 Startups Awards, the start-up will use the fresh capital to meet fast-growing customer demand for its automated condition monitoring diagnostics and prognostics product – which helps industrial companies to better predict the failure of machines months in advance.
Via its cloud-based solution Senseye helps manufacturers reduce maintenance costs by automatically identifying machine failure through machine learning algorithms fed with data from the industrial IoT.
The start-up claims users can benefit from up to a 40% reduction in maintenance costs, as well as lowering unplanned downtime by up to 50%.
The product requires no additional hardware or customisation, which means it can be installed quickly.
At the core of Senseye are the product’s unique advanced prognostics algorithms, which enable manufacturers to monitor and understand the remaining useful life of thousands of machines based at multiple sites – without the need for on-site expert technical input.
Dr Simon Kampa, co-founder and CEO at Senseye, said:
“We’re delighted to have secured the right capital and strategic partners to help us to accelerate our success. We’re confidently on the way to making unplanned machine downtime a thing of the past and leading an emerging $5bn market.”
Simon Menashy, partner at MMC Ventures, said:
“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.”
Emanuele Angelidis, CEO of Breed Reply, said:
“Manufacturing is one of the sectors we expect to benefit most from IoT technology. Companies like Senseye which combine data and machine learning have the potential to significantly reduce costs and improve efficiencies in manufacturing leading to major improvements in productivity.”