Samotics Completes Series A Funding Round to Lead Fight Against Industrial Energy Waste
Summary
Samotics, a leading provider of real-time actionable insights to eliminate industrial energy waste and unplanned downtime, has completed a EUR 14.5 million Series A funding round. The round was led by 83North, a global venture capital firm with a proven track record in building category leaders across multiple domains including Internet of Things (IoT) and Artificial Intelligence (AI) technologies. Samotics’ Software-as-a-Service (SaaS) platform uses AI to analyze the current and voltage signals of electric-driven motor systems – known as electrical signature analysis (ESA) – to prevent asset failure, optimize performance and improve energy efficiency. This offers unique benefits in harsh industrial environments (e.g. submerged pumps, hot strip mills) and is already being implemented at scale across the wastewater and water, steel, and chemical sectors. Recommended AI News: Alfa Laval Collaborates With Microsoft To Develop Innovative, Sustainable And Digital Service Tools Supported by the tailwinds of the energy and condition monitoring markets growing at above 25% yearly, Samotics plans to leverage this latest round of funding to supercharge its growth.
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