Industrial IoT company Senseye, which makes predictive maintenance software, has secured £3.5 million. The Series A round was led by MMC Ventures with participation from Breed Reply, IQ Capital, and Momenta Partners.
Southampton-based Senseye builds software to be used with industrial internet of things solutions. It uses machine learning algorithms and IoT data to predict breakdowns and maintenance needs in machinery. It claims it will reduce maintenance costs by 40%. The new funds will be invested in the continued development of the software.
“We’re confidently on the way to making unplanned machine downtime a thing of the past and leading an emerging $5 billion market,” said Dr Simon Kampa, CEO of Senseye.
Predictive analytics will have a significant impact on industrial companies over the coming decades, added Simon Menashy, partner at lead investor MMC Ventures.
“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.”