When was the last time you, or anyone you know, have listened to the sounds of engines, trying to understand if something is wrong?
The ability of humans to “understand” machines has dramatically evolved thanks to the latest developments of IoT and data-driven technologies. We’re not talking about endless logs of servers, zeros and ones shown on screens, but rather the type of physical, “analog” machines found in assembly lines, HVAC equipment in ‘engine rooms’ of office buildings, hotels and alike.
Spreading sensors along industrial sites, collecting the produced data and analyzing it with modern data science practices allowed engineers to identify the patterns of how machines ‘behave’. The signs that indicate a coming malfunction and foreseen wear-out of mechanical components led to a new proficiency in the world of technical machinery handling, commonly referred to as “Predictive Maintenance”.
A look at the Israeli startup ecosystem shows that the local talents are paid close attention to the recent developments and have dived—full force—into the world of Predictive Maintenance.
Here are some exciting developments from mid-2018 to late 2019:
Supported by SOSA – The Joint Project of Advanced Energy and Correlor
Colorado-based power solutions firm Advanced Energy partnered with Jerusalem-based predictive analytics firm Correlor Data Science Intelligence to develop a Connected Power (IIoT) Data System, through a grant sponsored by the Israel-US Binational Research and Development (BIRD) Foundation. This partnership was one of seven joint ventures awarded a grant by the BIRD Foundation, to the tune of $6.3M. The project features work that includes analytic and machine learning applications geared for the semiconductor and thin-film manufacturing markets. (June 2018)
Investments in Predictive Maintenance Solutions
Israeli-based predictive maintenance company Augury Systems Ltd., completed a $25M Series C round led by Insight Venture Partners, which joined Eclipse Ventures, Munich Re/HSB Ventures, Pritzker Group, and Lerer Hippeau in investing in the company. Augury uses advanced sensors to monitor and track industrial machinery, which it pairs with artificial intelligence algorithms and advanced data analysis for early detection of potential malfunctions. It has raised $51M to date. (January 2019)
Israeli-based vehicle inspection company UVeye raised $31M in a round led by Toyota Tsusho of Toyota Group, Volvo Cars, and W.R. Berkley Corporation. UVeye’s drive-through systems use computer vision and machine learning to detect external and mechanical flaws and automatically find anomalies in the vehicle’s undercarriage and exterior. Its technology is used today across processes from manufacturing to logistics and maintenance. (July 2019)
Israeli-based industrial IoT (IIoT) brand 3DSignals raised $8.5M in a Series A round led by Mercura Capital, bringing its total funding to $26M to date. Mercura joins investors State of Mind Ventures and Grove Ventures. 3DSignals works on real-time Asset Performance Monitoring (APM) solutions using digitalization of production floors through IIoT technology. (October 2019)
Exits of Predictive Maintenance Tech Companies
Israeli-based industrial maintenance software company Precognize Inc. was acquired by German-based Samson AG for an undisclosed amount and is now operating as a subsidiary of the German company. Precognize developed a solution to predict failure and disruption in industrial equipment. The company had previously raised $2.5M in investment from Maverick Ventures. (June 2018)
Israeli-based predictive maintenance company Presenso Ltd. was acquired by Stockholm-listed SKF Group for an undisclosed amount. Presenso, which develops predictive machine learning algorithms to anticipate industrial machine failures, had raised $3M prior to the acquisition. (October 2019)
When it comes to developments in Predictive Maintenance and Industry 4.0 in general, it is likely that what we’re witnessing is just the tip of the iceberg, with much more to follow in the coming months and years.
At SOSA, Industry 4.0 is one of our key focus areas, and we’re excited to continue following and staying up to date as well as keeping our network up to date on the trends both in Israel and around the world. Stay tuned…