Samotics completes Series A funding round to lead fight against industrial energy waste
Samotics, a leading provider of real-time actionable insights to eliminate industrial energy waste and unplanned downtime, has completed a EUR 14.5 million Series A funding round. The round was led by 83North, a global venture capital firm with a proven track record in building category leaders across multiple domains including Internet of Things (IoT) and Artificial Intelligence (AI) technologies.
The 2019 PortXL alumni’s 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 10%.
Gil Goren, Partner at 83North said: “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.”
The company has undergone significant growth over the past 12 months, increasing its revenue by 150% and adding 30 new customers to its roster across Europe and the US, including Thames Water and NLMK Steel. It has also signed several strategic partnerships, including Schneider Electric.
Flower Turbines Reg A+ Crowdfunding Surges Past $8 Million
Flower Turbines, maker of innovative wind turbines and e-bike charging products, as well as a proud PortXL alumni from 2019, raised USD 8 million since January 2021. This allows immediate steps to grow the company faster. Current goals are North American manufacturing, expansion of EU manufacturing, development of custom electronics, and expansion of the US team.
Flower Turbines previously finished two oversubscribed Reg-CF crowdfunding rounds. Flower Turbines is an innovative small wind energy company making turbines that are the first to be simultaneously quiet, beautiful, efficient, and which make their neighbors perform better. The company has a complementary product line of on and off grid e-bike charging stations. The Flower Turbines technology is based on multiple granted and pending patents. Flower Turbines has growing sales of its products in Europe and is starting its US manufacturing.
“We have the ambition to become a major global force in distributed energy,” said CEO Dr. Daniel Farb. “We believe we have the technology and enthusiasm to accomplish it.”