Samotics raises €14.5m for industrial AI
Dutch industrial AI technology developer Samotics has raised €14.5 million in its first main funding round.
The Series A round was led by 83North, a global venture capital firm with a focus on Internet of Things (IoT) and Artificial Intelligence (AI) technologies.
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Samotics’ Software-as-a-Service (SaaS) platform uses AI to analyze the current and voltage signals of electric-driven motor systems to predict failures, optimize performance and improve energy efficiency.
This electrical signature analysis (ESA) technique is particularly suited to harsh industrial environments such as submerged pumps, hot strip mills and is already being implemented at scale across the wastewater and water, steel, and chemical sectors.
The company has undergone significant growth over the past 12 months, increasing its revenue by 150 percent and adding 30 new customers across Europe and the US, including Thames Water and NLMK Steel. It has also signed several strategic partnerships, including Schneider Electric.
The energy and condition monitoring markets are growing at over 25 percent a year says Samotics and the company says it plans to use the funding to boost growth in existing and new markets. The funds will also be used to drive the development of its technology platform capabilities across both energy and condition monitoring, and grow the Samotics team by acquiring top technology and business talent.
“As one of the world’s largest energy consumers, heavy industry must realize significant energy savings to meet aggressive net-zero targets,” said Jasper Hoogeweegen, CEO at Samotics. “Our rapid growth demonstrates how we are helping our customers on the journey to industrial sustainability by combatting downtime and boosting energy efficiency. This investment strengthens our reputation as one of Europe’s AI pioneers and allows us to accelerate our growth plans and lead the fight against industrial energy waste.”
“Samotics has established a leading position in the market with proven capabilities to address a defining challenge of our time. The team has built an industry-leading platform, significantly expanded its customer base, and demonstrated a clear trajectory for growth. We share Samotics’ vision that greener industry is not only achievable, but essential, and above all we believe in this talented and experienced team to make this vision a reality,” said Gil Goren, Partner at 83North.
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