Samotics Completes Series A Funding Round to Lead Fight Against Industrial Energy Waste
Samotics, a leader in energy efficiency insights, has secured EUR 14.5 million in a Series A funding round led by 83North. Their AI-based SaaS platform analyzes electric motor systems to enhance performance and reduce energy consumption. With a 150% revenue increase in the past year and 30 new customers, including Thames Water and NLMK Steel, Samotics aims to expand its market presence and technological capabilities. This investment supports heavy industries in achieving net-zero targets while addressing significant energy wastage.
- Secured EUR 14.5 million in Series A funding.
- Revenue increased by 150% over the past year.
- Added 30 new customers, including Thames Water and NLMK Steel.
- Positioned to capitalize on the growing energy and condition monitoring markets.
- None.
LEIDEN,
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
Supported by the tailwinds of the energy and condition monitoring markets growing at above
“As one of the world’s largest energy consumers, heavy industry must realize 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. 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.”
The company has undergone significant growth over the past 12 months, increasing its revenue by
-ENDS-
ABOUT SAMOTICS
Samotics is a leading provider of real-time actionable insights to optimize 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. Our customer base includes sector-leading players such as Anglian Water, ArcelorMittal, Nobian, Schneider Electric and TotalEnergies.
For more information, visit www.samotics.com and follow us on LinkedIn and Twitter.
ABOUT 83NORTH
83North is a global venture capital firm with over
For more information visit www.83north.com and follow us on Twitter @83NorthVC.
83North has backed more than 80 companies including AeroScout (acquired by Stanley Black & Decker),
View source version on businesswire.com: https://www.businesswire.com/news/home/20211213005056/en/
james.k@iseepr.co.uk
+44 (0) 113 350 1922
Source: Samotics
FAQ
How much funding did Samotics secure in their Series A round?
Who led the Series A funding for Samotics?
What is the primary focus of Samotics' SaaS platform?
What companies are included in Samotics' customer base?