Viking Analytics raises Series A of more than € 3mn for global expansion
Gothenburg, Sweden – January 10th, 2023 – Viking Analytics AB, the Swedish company developing AI-based machine health monitoring technology, today announced the closing of its Series A round. Viking Analytics’ Series A round was co-led by Belgium-based Finindus (backed by ArcelorMittal), and Sweden-based Industrifonden with ABB and existing investors also participating in the round.
The company also disclosed it has secured a commercial agreement with ABB for monitoring of their customers’ switchgear products. The investment funds in mobility and smart industrial technologies and the commercial contract serve as recognition of the company’s capabilities and will allow Viking Analytics to accelerate its technological development and scale the commercialization of its solutions.
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.” Lets Connect
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 less 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 with 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.”
About Viking Analytics
Starting operations in 2018, Viking Analytics is on a mission to enable every industrial service companies 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, which is learnt by the solution. With the Viking solution, service companies can offer reliable remote monitoring services with less false alarms and without in-house AI teams. Connect with us: https://vikinganalytics.se, info@vikinganalytics.se
About Finindus
Finindus is a Belgium-based venture capital investment company funded by ArcelorMittal and the Flemish Region and is linked to OCAS, a world-class metal research centre. Finindus provides early stage and growth financing to innovative companies offering smart and green industrial technologies in the field of materials, sustainable manufacturing and industry 4.0.
Finindus teams up with outstanding entrepreneurial teams and like-minded investors to bring sustainable industrial innovations to full commercial maturity. Finindus invests across Europe, with Flanders as a home base and sweet spot. In addition, Finindus invests globally in technology companies at the very core of its expertise and aligned with the strategic interests of its shareholders, and across the globe for investment opportunities in technologies at the center of their core domains and in line with the strategic interests and areas of expertise of their shareholders.
About Industrifonden
Industrifonden is Sweden’s Venture Capital Fund looking for unique, scalable innovation that has a meaningful impact on our society. Industrifonden manages more than SEK 5 billion and invest in early-stage companies, from seed to A-round funding with a reach across the Nordics. The investment focus includes specialized technologies and businesses within Deep Tech, Life Science and Transformative Tech. Industrifonden has an evergreen structure which allows a long-term focus on value creation. Learn more at industrifonden.com
About ABB
ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The company’s solutions connect engineering know-how and software to optimize how things are manufactured, moved, powered and operated. Building on more than 130 years of excellence, ABB’s ~105,000 employees are committed to driving innovations that accelerate industrial transformation. www.abb.com