Samotics, a Leiden, Netherlands-based leading provider of real-time actionable insights to eliminate industrial energy waste and unplanned downtime, completed a €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.
The investment will bolster the expansion of its customer base in existing and new markets, drive the development of its technology platform capabilities across both energy and condition monitoring, and grow the Samotics team by acquiring top technology and business talent.
Round: Series A
Funding Month: December 2021
Lead Investors: 83North
Company Website: https://www.samotics.com/
Software Category: AI-driven predictive analytics
About the Company: Samotics is a leading provider of real-time actionable insights to optimize the performance and energy efficiency of AC motors and rotating equipment. An expert team of data scientists, software developers, and technical specialists has developed an AI-driven platform that supports global industrial companies in reducing energy waste and unplanned downtime. 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. With a fast-growing base of high-profile customers and thousands of assets monitored, Samotics is scaling a solution that has the potential to cut global electricity consumption by at least 10%.