Samotics completes Series A funding round to fight industrial energy waste

Samotics has completed a EUR 14.5 million Series A funding round. The round was led by 83North, a global venture capital firm.

“As one of the world’s largest energy consumers, heavy industry must realize significant energy savings to meet aggressive net-zero targets,” said Jasper Hoogeweegen, CEO, 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.”

Samotics’ Software-as-a-Service platform uses artificial intelligence to analyze the current and voltage signals of electric-driven motor systems, known as electrical signature analysis, to prevent asset failure, optimize performance and improve energy efficiency.

Supported by the tailwinds of the energy and condition monitoring markets growing at above 25 per cent yearly, Samotics plans to leverage this round of funding to supercharge its growth.

“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.” said Gil Goren, Partner, 83North.