Screening Eagle Technologies, a Zurich-based AI software that inspects assets and infrastructure, has raised €52 million (CHF 55 million) in its first round of equity funding. The round was led by an unnamed Swiss family office, with participation from EDBI, a Singapore-based investor, and other individuals.
In a market known as “inspection tech”, Screening Eagle has built a cloud-based platform, connecting sensors, software and data, that can inspect vital social infrastructure such as roads, bridges, and buildings. Such technology disrupts the traditional non-destructive testing (NDT) market.
“We are exploring the limits of physics and the promise of AI; we are challenging traditional asset inspection and maintenance to create a company with a purpose – to protect the built world with software, sensors and data,” said Marcel Poser, the company’s co-founder and CEO.
In a press release, the Swiss company claimed subscriptions are growing “at triple digits”, saying that customers are attracted to the low cost of hardware ownership and the consistent performance (and convenience) provided by over-the-air software updates.
Screening Eagle Technologies is a merger of two companies that were founded and funded by Tectus Group: Dreamlab, a Singapore-based software and robotics company, and Proceq, a Swiss-based NDT company that was founded in 1954.
The fresh capital will go toward new product development, talent acquisition, and M&A, with the goal of expanding into the energy and aerospace industries.
Photo: Marcel Poser, co-founder and CEO of Screening Eagle Technologies.