An award-winning Southampton Science Park based business formed just three years ago has raised £3.5 million at the close of a Series A funding round. The capital injection will enable Senseye to meet the diverse needs of existing and new customers by expanding its research and development teams to ensure its product remains at the forefront of predictive maintenance technology globally.
Senseye’s leading-edge software solution is proven to help industrial companies to easily predict the failure of machines months in advance. Rapidly implemented with no hardware or customisation required, users benefit from up to a 40% reduction in maintenance costs, as well as lowering unplanned downtime by up to 50%. The technology is already trusted by a growing number of Fortune 500 industrial and manufacturing companies including leading global automotive and automation brands.
“We’re delighted to have secured the right capital and strategic partners to help us to accelerate our success,” said CEO Dr Simon Kampa, who co-founded the company in 2014. “We’re confidently on the way to making unplanned machine downtime a thing of the past and leading an emerging $5 billion market.”
The funding round was led by MMC Ventures, a venture capital fund investing in early stage, high growth companies. The round was also supported by existing investors Breed Reply, IQ Capital and Momenta Partners.
Simon Menashy, Partner at MMC Ventures, said: "We believe that predictive analytics is going to have a transformative impact on industrial companies over the next decade. Senseye's mix of cutting-edge data science and deep understanding of engineering puts them amongst the very best we have seen. I'm excited to work with them to create some of that transformation and build a big company in the process."