Viking Analytics, an AI in predictive analytics startup from Gothenburg, Sweden, has closed its series A round at €3 million with the intent of expanding overseas.
Founded in 2018, Viking Analytics provides an industrial service software platform that enables maintenance teams, OEMs and system integrators to implement automated predictive health monitoring of industrial systems.
The company's flagship product, MultiViz Vibration, records audio of vibrating machinery letting human analysts swiftly identify systems in need of repairs.
Following the series A round, Viking Analytics is preparing further R&D to bolster its machine learning-driven platform. ABB has a commercial deal with the startup to supply some of its industrial switchgears.
Viking Analytics founder and CEO Dr. Rajet Krishnan commented: "We are excited to have closed an oversubscribed round in an unusually tough environment. This investment is a strong testament to our unique value proposition, market position and technology readiness. We believe that our new investors will bring tremendous value with deep industry expertise and networks to our journey in enabling in remote machine health monitoring."
Chao Wu, principal at ABB Technology Ventures, added: "With the pressure on to ensure uptime and prolong the lifecycle of electrical assets, the partnership allows us to develop analytics that will help customers maintain their operations and cut costs.
"Customers will get the insights they need to make informed decisions about their electrical equipment fleet and take preventative actions to avoid costly failure. We look forward to continuing our close collaboration with Viking Analytics to further develop and scale new AI software solutions in the future.”