A maintenance software company raises £3.5m in Series A funding

Senseye Limited, predictive maintenance software, has raised £3.5m at the close of a Series A funding round led by MMC Ventures.

The round was also supported by existing investors Breed Reply, IQ Capital and Momenta Partners.

The company will use the capital to meet customer demand for its automated condition monitoring diagnostics and prognostics product - the software designed for industrial companies to easily predict the failure of machines months in advance.

Senseye’s CEO who co-founded the company in 2014, Dr Simon Kampa, said: “We’re delighted to have secured the right capital and strategic partners to help us to accelerate our success.

“We’re confidently on the way to making unplanned machine downtime a thing of the past and leading an emerging $5bn market.”

Senseye’s cloud-based solution helps manufacturers reduce maintenance costs by automatically identifying machine failure through machine learning algorithms fed with data from the Industrial IoT.

Users are said to benefit from up to a 40 per cent reduction in maintenance costs, as well as lowering unplanned downtime by up to 50 per cent.

The product’s prognostics algorithms should enable manufacturers to monitor and understand the remaining useful life of thousands of machines based at multiple sites – without the need for on-site expert technical input.

This funding will enable Senseye to meet the needs of existing and new customers by expanding the company’s research and development teams.

Simon Menashy, partner at MMC Ventures, said: “We believe that predictive analytics is going to have a transformative impact on industrial companies over the next decade.

“Over the past year we have met and assessed more than 250 companies applying AI and machine learning technologies across every sector - Senseye’s mix of data science and deep understanding of engineering puts them amongst the very best we have seen.

“I’m excited to work with them to create some of that transformation and build a big company in the process.”

Senseye is implemented, and immediately usable, through a subscription service - allowing the company to acquire new customers.