Monitoring and providing actionable insights to electric-driven motor systems, predominantly to heavy industry clients, Samotics has raised €14.5 million in a Series A funding round. The new funding will be used to increase the size of the firm’s client base in both new and existing markets, push forward with technological advancements, and increase the team size through strategic hires. To date, Samotics has raised €28.6 million.
Operating in an industry many of us don’t often think about, Samotics has developed an AI-powered SaaS platform that analyses the current and voltage signals emitted by electric-driven motor systems, with a specific focus on those operating in heavy industry applications, i.e. submerged pumps, hot strip mills, and the like. These systems perform crucial functions to overall operations in the wastewater and water, steel, and chemical sectors, and if and when one of them fails, the unplanned downtime can have a knock-on effect costing millions.
In addition to monitoring these systems, Samotics’ offer also helps engineers to optimise the efficiency of these devices, thereby further ensuring a maximum product lifespan and the ability to schedule replacement/maintenance timeframes.
“As one of the world’s largest energy consumers, heavy industry must realize significant energy savings to meet aggressive net-zero targets,” commented Samotics CEO Jasper Hoogeweegen. “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’ €14.5 million Series A round was provided by 83North.
“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,” commented 83North’s Gil Goren. “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.”