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Scalable predictive maintenance product receives £3.5 million funding

18 December 2017

Senseye, a predictive maintenance software company, has raised £3.5 million at the close of a Series A funding round led by MMC Ventures, a venture capital fund investing in early stage, high growth companies. 

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

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 can benefit from up to a 40% reduction in maintenance costs, as well as lowering unplanned downtime by up to 50%. The product requires no additional hardware or customisation, which means it can be installed quickly, realising the benefits almost immediately.

At the core of the solution is an advanced prognostics algorithms, which enables 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.

The funding will be used to meet the diverse needs of existing and new Senseye customers by expanding its research and development teams. This will ensure the product remains at the forefront of predictive maintenance technology globally.

The company’s scalable Predictive Maintenance product is a cloud-based tool created to help manufacturers avoid downtime and save money by automatically forecasting machine failure without the need for expert manual analysis. It takes information from existing Industrial IoT sensors and platforms to automatically diagnose failures and provide the remaining useful life of machinery.

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