Samotics (formerly Semiotic Labs) has announced the closing of its Series A financing round. At the bell, the Leiden-based provider of AI-driven predictive analytics hauled in 14.5 million euros. Funding in the round was led by 83North, a global venture capital firm with a track record in financing IoT and artificial intelligence, among others.
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 many benefits in harsh industrial environments (ie 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 percent, according to the company’s claims.
Lifted by the growing energy and condition monitoring markets growing at more than 25 percent annually, Samotics plans to leverage this latest funding round to boost its growth. The investment will strengthen the expansion of its customer base in existing and new markets, drive the development of its technology platform for both energy and condition monitoring. This injection of capital comes at a crucial time in the company’s growth as in just the last 12 months, Samotics has increased sales by 150 percent, added 30 new customers in Europe and the US, including Thames Water and NLMK Steel, and entered into several strategic partnerships, including one with Schneider Electric.
“As one of the world’s largest energy consumers, heavy industry must realize significant energy savings to meet aggressive net-zero targets. Our rapid growth demonstrates how we’re helping our customers on the journey to industrial sustainability by combatting downtime and boosting energy efficiency,” says Samotics CEO Jasper Hoogeweegen. “This investment strengthens our reputation as one of Europe’s AI pioneers and allows us to accelerate our growth plans and lead the fight against industrial energy waste.”