Momenta is reinvesting in scalable predictive maintenance company Senseye. Series A funding was led by MMC Ventures with existing investors Breed Reply and IQ Capital also re-investing. The company raised £3.5m ($4.6mUSD).
In response to the needs of Industry 4.0, Senseye offers predictive maintenance using machine-learning to perform condition monitoring and prognostics analysis at scale without the need for deep pockets or a team of expert data analysts.
According to Danny Yu, Momenta Partners Managing Partner:
"Senseye provides equipment manufacturers and their customers an easily understood high-value predictive maintenance solution that is clearly gaining market momentum. As investors focused on advanced, software-enabled vertical solutions in key industrial sectors such as manufacturing, we are pleased to participate in Senseye's latest financing and to continue supporting its growth."
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 IoT. 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 customization, which means it can be installed quickly, realizing the benefits almost immediately.
Their software is trusted by multiple Fortune 500 industrial and manufacturing companies, using machine learning and advanced prognostics algorithms to help them to monitor thousands of machines around the world without needing expert technical input. In the first 6 months of working with one customer, the product was able to help to avoid over £1m in costs of unplanned downtime.
Senseye CEO, Simon Kampa explained: “Scalable predictive maintenance needs more than just cutting-edge technology. Momenta Partners brings significant Connected Industry expertise to helping us to end unplanned downtime”.
According to Ken Forster, Managing Director of Momenta Partners:
“We see predictive analytics offerings like Senseye’s driving the next wave of value in the Connected Industry, especially in the manufacturing, energy, smart spaces and logistics sectors. We have been pleased to support Senseye. Our extensive practitioner experience in industrial IoT means that we are uniquely placed with access, insights, and impact within industry. We also provide unique search and advisory practices that have helped Senseye as they move forward.”
Senseye will use the additional capital to meet existing and new customer demand for its automated condition monitoring diagnostics and prognostics software product, allowing industrial companies to easily predict the failure of machines months in advance.
About Senseye Ltd.
The scalable Predictive Maintenance product is a cloud-based tool to help manufacturers avoid downtime and save money by automatically forecasting machine failure without the need for expert manual analysis. It’s a revolution in predictive maintenance that can be used on any machine from any manufacturer, taking information from existing Industrial IoT sensors and platforms to automatically diagnose failures and provide the remaining useful life of machinery. For more information, please visit www.senseye.io.
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Momenta Partners encompasses leading Strategic Advisory, Talent, and Investment practices. We’re the guiding hand behind leading industrials’ IoT strategies with over 100 IoT leadership placements and 17+ young IoT disruptors. Momenta Ventures doesn’t just finance companies; we help founders achieve lean, smart and sustained growth driving to an orchestrated and valuable exit.
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