Image credits: Samotics
Samotics, a Leiden-based industrial AI technology developer, announced that it has secured €14.5M funding in Series A round led by 83North. Samotics has raised €28.6M in total funding till date.
Fund utilisation
The funding will enable the Dutch company to expand its customers base in both new and existing markets, accelerate technology development, and hire technology and business talent.
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“As one of the world’s largest energy consumers, the heavy industry must realise significant energy savings to meet aggressive net-zero targets,” comments Jasper Hoogeweegen, CEO at Samotics.
“Our rapid growth demonstrates how we are helping our customers on the journey to industrial sustainability by combatting downtime and boosting energy efficiency,” he adds.
Eliminate unplanned downtime and energy waste.
Simon Jagers and Gerben Gooijers founded Samotics in 2015 on a mission to eliminate unplanned downtime and industrial energy waste.
The company’s SaaS platform, SAM4 uses Artificial Intelligence (AI) to analyse to detect over 90 percent of electrical and mechanical faults up to five months before failure.
Samotics says its platform benefits in harsh industrial environments (e.g. submerged pumps, hot strip mills) and is already used at scale across the wastewater and water, steel, and chemical sectors.
The company has witnessed significant growth in the past year, increasing its revenue by 150 per cent. It also added 30 new customers to its roster across Europe and the US, including Thames Water, NLMK Steel, and signed several strategic partnerships, including Schneider Electric.
Investors
Based out of London, 83North is a global venture capital firm with more than $1.8B under management. The company invests across all stages of consumer and enterprise companies. To date, 83North has backed more than 80 companies, including AeroScout, Just Eat, iZettle, SocialPoint, and others.
Gil Goren, Partner at 83North, says, “Samotics has established a leading position in the market with proven capabilities to address a defining challenge of our time. The team has built an industry-leading platform, significantly expanded its customer base, and demonstrated a clear trajectory for growth. We share Samotics’ vision that greener industry is not only achievable, but essential, and above all, we believe in this talented and experienced team to make this vision a reality.”
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