Gothenburg-based developer of advanced analytics software Viking Analytics AB has raised over €3 million in a Series A round co-led by Belgium-based Finindus (backed by ArcelorMittal), and Sweden-based Industrifonden with ABB and existing investors also participating in the round. This infusion of capital will supercharge Viking Analytics’ development of cutting-edge machine health monitoring solutions.
The company has also struck a commercial agreement with ABB to integrate its machine health monitoring technology into ABB’s switchgear products, bringing the future of machine health monitoring to the market. The investment in mobility and smart industrial technologies, combined with this deal, is seen as a recognition of the company’s abilities and provides a boost for its technological development and the scaling of its solutions. This collaboration is expected to have a significant impact on both companies as they look to expand their reach in the market.
Dr. Rajet Krishnan, co-founder and CEO of Viking Analytics comments, “We are excited to have closed an oversubscribed round in an unusually tough environment. This investment is a strong testament to our unique value proposition, market position and technology readiness. We believe that our new investors will bring tremendous value with deep industry expertise and networks to our journey in enabling in remote machine health monitoring.”
Starting operations in 2018, Viking Analytics is on a mission to enable every industrial service company (like maintenance companies, OEMs, and system integrators) to monitor more machines reliably. Vikings’ proprietary solution prioritizes the machines that need attention while providing relevant explanations for the prioritization. Furthermore, experts can provide feedback based on the priority list and recommend actions. With the Viking solution, service companies can offer reliable remote monitoring services with fewer false alarms and without in-house AI teams. Vikings’ unique approach of augmenting human experts to becoming “super-experts” is steadily gaining market acceptance as proven by more than 20 customers globally.
“Viking Analytics convinced us of their approach to machine health monitoring.”, says Roel Callebaut, Investment Manager at Finindus. “Through numerous conversations with industry experts we understood they are solving the issues that prevented previous predictive maintenance solutions to be used for non-critical assets.”
Karolina Bjurehed, Investment Director at Industrifonden states. “We’re impressed by what the team has accomplished so far and are happy to support this technological development and innovation in the industry. Not only does it enable more efficient control of the product line, but it’s also more sustainable.
Chao Wu, Principal at ABB Technology Ventures expresses, “With the pressure on to ensure uptime and prolong the lifecycle of electrical assets, the partnership allows us to develop analytics that will help customers maintain their operations and cut costs. Customers will get the insights they need to make informed decisions about their electrical equipment fleet and take preventative actions to avoid costly failure. We look forward to continuing our close collaboration with Viking Analytics to further develop and scale new AI software solutions in the future.”