Senseye Limited, the leader in predictive maintenance software, announced it has raised £3.5 million at the close of a Series A funding round led by MMC Ventures, a venture capital fund investing in early stage, high growth companies. The round was also supported by existing investors Breed Reply, IQ Capital and Momenta Partners.
Named NMI Emerging Tech Company of the Year 2016, and highly commended for ‘Tech Business of the Year’ in the 2016 startups.co.uk awards, the company will use the capital to meet fast-growing customer demand for its Senseye automated condition monitoring diagnostics and prognostics product – the leading-edge software solution that 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 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 customisation, which means it can be installed quickly, realising the benefits almost immediately.
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.
Richard Hall, CloudOrigin CEO once again led the Technology and Operational Due Diligence on behalf of MMC Ventures: “We were delighted to work on another data science led investment project for MMC and be witness to a highly experienced industry team launching another world-class UK technology services firm”.