Senseye Raises A Round Of Investment To Expand Its Predictive Maintenance Offering Internationally
Predictive maintenance software that use recorded trends of physical measurements to analyze and correct a problem before failure occurs, have been used by engineering teams to improve their facilities maintenance plans for over 10 years. This software is used alongside more traditional computerised maintenance management systems and enterprise asset management software to ensure that maintenance personnel fix high-priority equipment and assets to avoid plant shutdowns and failures.
Senseye, a UK-headquartered predictive maintenance vendor, raised a seventh round of investment from NTT DOCOMO Ventures and Sony Innovation Fund, both corporate venture teams of their respective parent firms, on 8th October, 2020 to further develop their AI solution and expand into the Japanese market. This brings Senseye’s total investment raised to £4.8 million ($6.3 million). Other backers include Wavemake Partners, Upscale, and IQ Capital, all venture capital firms. Senseye was founded in 2014 in Southampton, UK. In 2020, the firm had about 70 employees spread across five countries and three continents.
Senseye’s solution, PdM 4.0, helps industrial firms deliver on their maintenance goals. It collects data from industrial software and equipment sensors and then automates the calculation of asset health using machine learning. Senseye has around 30 clients, all large global firms with PdM 4.0 deployed at multiple sites. The firm’s clients sit across five industries: automotive, consumer goods, heavy industry, manufacturing, and oil and gas. Alcoa, a natural resource producer, won Verdantix Operational Excellence award 2020 for the work it undertook with Senseye, implementing asset failure prediction software to modernize its maintenance approach. To assist its customers to find success, Senseye has developed a customer initial deployment (ID) best practices framework, that can help reduce maintenance costs by up to 40%. The steps in the best practices framework are: to form a project team, enlist management support for the effort and set goals that the deployment will achieve, select which assets to monitor, including critical and problematic assets and monitor enough of them—typically somewhere between 20 and 50—so that value can be realized.
Senseye has developed a partnership network with equipment manufacturers and distributors that make PdM 4.0 available to customers as a value-added service. An example of an existing partner is Siemens, that integrated PdM 4.0 into the Mindsphere IoT platform. Senseye now has the opportunity to build on the back of these two recent investments to develop new partnership networks. It can leverage 5G capabilities, offered by NTT Docomo to target customers in the manufacturing sector and with Sony Corporation to embed PdM 4.0 into the Japanese firm’s operations proving its effectiveness to the East Asian market.