SAMOTICS
13.12.2021 09:02:20 CET | Business Wire | Press release
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.
Samotics’ 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%.
Supported by the tailwinds of the energy and condition monitoring markets growing at above 25% yearly, Samotics plans to leverage this latest round of funding to supercharge its growth. The investment will bolster the expansion of its customer base in existing and new markets, drive the development of its technology platform capabilities across both energy and condition monitoring, and grow the Samotics team by acquiring top technology and business talent.
“As one of the world’s largest energy consumers, heavy industry must realize significant energy savings to meet aggressive net-zero targets,” comments Jasper Hoogeweegen, CEO at Samotics. “Our rapid growth demonstrates how we are helping our customers on the journey to industrial sustainability by combatting downtime and boosting energy efficiency. This investment strengthens our reputation as one of Europe’s AI pioneers and allows us to accelerate our growth plans and lead the fight against industrial energy waste.”
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.
-ENDS-
ABOUT SAMOTICS
Samotics is a leading provider of real-time actionable insights to optimize performance and energy efficiency of AC motors and rotating equipment. An expert team of data scientists, software developers and technical specialists has developed an AI-driven platform that supports global industrial companies in reducing energy waste and unplanned downtime. Our customer base includes sector-leading players such as Anglian Water, ArcelorMittal, Nobian, Schneider Electric and TotalEnergies.
For more information, visit www.samotics.com and follow us on LinkedIn and Twitter .
ABOUT 83NORTH
83North is a global venture capital firm with over $1.8B under management. The fund invests across all stages, in exceptional entrepreneurs, whose focus is to build global category leading companies.
For more information visit www.83north.com and follow us on Twitter @83NorthVC .
83North has backed more than 80 companies including AeroScout (acquired by Stanley Black & Decker), Celonis, Ebury, Guardicore (Acquired by Akamai), Hybris (acquired by SAP), IronSource (NYSE: IS), iZettle (acquired by PayPal), Just Eat (LSE:JE), Marqeta (NASDAQ: MQ), Mirakl, Payoneer (NASDAQ: PAYO), ScaleIO (acquired by EMC), SocialPoint (acquired by Take2), Vast, Vdoo (acquired by JFROG), Via, Wandera (acquired by Jamf) and Wolt.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211213005056/en/
Link:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Andersen Global styrker sine globale mobilitetskompetencer med samarbejdspartneren Graebel22.5.2026 00:05:00 CEST | Pressemeddelelse
Andersen Global fortsætter med at styrke sin multidimensionelle platform gennem en samarbejdsaftale med Graebel, en global leder inden for medarbejdermobilitet og managed services med hovedkvarter i USA og globale aktiviteter på tværs af Nord- og Sydamerika, Europa og Asien. Graebel blev stiftet i 1950 og samarbejder med mange af verdens mest anerkendte organisationer om en mere simpel tilgang til mobilitet og talentstyring. Virksomheden hjælper organisationer med at støtte medarbejdere gennem hele ansættelsen – fra praktikophold og onboarding til national og international mobilitet samt karriereskift – gennem tjenester, der spænder over strategisk planlægning, hjælp til afrejse og på destinationen, assistance under udstationering, hjemsendelse og design af mobilitetsprogrammer. Gennem strategisk rådgivning og intelligent teknologi gør Graebel det muligt for organisationer at træffe mere informerede beslutninger og afstemme talentmobilitet med en bredere forretnings- og arbejdsstyrkest
The Estée Lauder Companies & Puig End Discussions Regarding a Potential Business Combination21.5.2026 22:05:00 CEST | Press release
The Estée Lauder Companies Reiterates Confidence in Its Beauty Reimagined Strategic Vision On March 23, 2026, The Estée Lauder Companies Inc. (NYSE: EL) and Puig confirmed they were in discussions regarding a potential business combination, but unless and until an agreement was signed between the companies, there could be no assurances regarding the deal or its terms. The Estée Lauder Companies and Puig today announced that the parties have terminated discussions regarding a potential business combination. The Estée Lauder Companies remains fully focused on continuing to execute its Beauty Reimagined strategy, which is well underway and delivering positive results. “We are grateful for the conversations we have had with Puig,” said Stéphane de La Faverie, President and Chief Executive Officer of The Estée Lauder Companies. “Today, we are reiterating our confidence in the power of our incredible brands, our talented teams, and our strength as a standalone company. We are more optimistic
Imagine Dragons to Perform at Abu Dhabi Grand Prix21.5.2026 17:51:00 CEST | Press release
Ethara, organiser of the Formula 1 Etihad Airways Abu Dhabi Grand Prix, have announced that one of the world’s biggest bands, Imagine Dragons, will headline the Saturday After-Race Concerts at the F1 Season Finale in Abu Dhabi. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260521214839/en/ Imagine Dragons to perform at Formula 1 Etihad Airways Abu Dhabi Grand Prix (Photo: AETOSWire) The announcement is another landmark moment for the Abu Dhabi Grand Prix, whose thrilling Yasalam presented by e& fan entertainment offering has become synonymous with the F1 Championship finale in Abu Dhabi and is recognised as one of the most compelling sports and entertainment crossovers globally. The global chart-toppers join Lewis Capaldi and Zara Larsson, who are set to kick off a blockbuster line-up of performances on Yas Island on Thursday, 3 December, with more major international artists to be revealed. With their popular top hits, Ima
Carnegie Mellon University and Cleveland Clinic Develop AI System to Interpret Cardiac MRI Scans with Enhanced Accuracy21.5.2026 14:05:00 CEST | Press release
Trained on more than 13,000 patient studies, novel system significantly outperforms existing models by up to 35% A team of researchers from Carnegie Mellon University, in collaboration with Cleveland Clinic’s Cardiovascular Innovation Research Center, has developed an artificial intelligence (AI) system capable of interpreting some of the most complex heart scans in medicine, cardiac magnetic resonance imaging (MRI), without the need for manually labeled training data. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260521762286/en/ A team of researchers from Carnegie Mellon University, in collaboration with Cleveland Clinic’s Cardiovascular Innovation Research Center, has developed an artificial intelligence (AI) system capable of interpreting some of the most complex heart scans in medicine, cardiac magnetic resonance imaging (MRI), without the need for manually labeled training data. The novel system, called CMR-CLIP, is d
Otovo Hits 30,000 Customers in Under a Year, Tackling the Growing ‘Solar Service Crisis’21.5.2026 14:00:00 CEST | Press release
A growing wave of unsupported solar systems and rising electricity prices are creating strong demand for Otovo’s energy service platform Otovo ASA (“Otovo”), a leading global energy service provider for residential and commercial customers, today announced it has reached 30,000 customers across the U.S. and Europe. A total of 20,000 customers have enrolled in Otovo Care, the Company’s membership-based home and commercial energy service, which is powered by Otovo’s industry-leading AI platform, Endurance™. “Reaching 30,000 customers in less than year is proof positive that home and business owners value their power systems,” said William J. (John) Berger, CEO of Otovo. “The ‘solar service crisis’ that is leaving millions of orphaned energy systems without support is driving strong interest in our Otovo Care membership program. Every day your home or commercial power system is not working, you are throwing money away. Otovo’s rapid response service platform keeps you up and running, ensu
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom