Viking Analytics, a Gothenburg, Sweden-based company developing AI-based machine health monitoring technology, announced a Series A funding round of more than €3 million.
The round was co-led by Belgium-based Finindus and Sweden-based Industrifonden, with participation from ABB and existing investors, including TrueSight Ventures.
The company also disclosed that it secured a commercial agreement with ABB for monitoring its customers' switchgear products.
The investment will allow Viking Analytics to accelerate its technological development and scale the commercialization of its solutions.
Dr. Rajet Krishnan, co-founder, and CEO of Viking Analytics comments, "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 remote machine health monitoring."
Viking Analytics' proprietary solution prioritizes the machines that need attention while providing relevant explanations for the prioritization.
With the Viking solution, service companies can offer reliable remote monitoring services with less false alarms and without in-house AI teams.
Company: Viking Analytics AB
Round: Series A
Funding Month: January 2023
Lead Investors: Finindus and Industrifonden
Additional Investors: ABB and TrueSight Ventures
Company Website: https://vikinganalytics.se/
Software Category: Machine Health Monitoring
About the Company: Founded in 2017, Viking Analytics is a computer software company that developed advanced analytics software designed to assist asset-heavy companies in predicting and preventing expensive machine breakdowns. The company's software uses analytics and AI to analyze, monitor, and predict the operational performance of assets and processes and detect abnormalities and predict machine failures, enabling businesses to achieve process and energy optimization and reduce unplanned maintenance breaks. Starting operations in 2018, Viking Analytics is on a mission to enable every industrial services company like maintenance companies, OEMs, and system integrators to monitor more machines reliably.