Siemens has acquired UK-based industrial IoT firm Senseye for an undisclosed fee. Senseye, founded in 2014, provides analytics-based (“AI-powered”) predictive maintenance solutions for industrial machines, offering ways to manage and reduce unplanned downtime and to boost productivity and sustainability.
The firm, headquartered in Southampton, was picked up by Zurich-based venture firm Momenta Partners as an early portfolio company; it claims its IoT sensing and analytics product, available on subscription (as-a-service), reduces unplanned machine downtime by up to 50 percent and increases maintenance staff productivity by up to 30 percent.
Its solution (see image below), designed for maintenance operators, requires no background in data science or traditional condition monitoring, it claims. Senseye has sold its product variously into the automotive, food and beverage, mining and metals, heavy industries, and energy sectors, including to “multiple” Fortune 500 industrial and manufacturing companies.
The deal closed at the start of the month, and makes Senseye a subsidiary of Siemens’ UK business. It is assigned organisationally to its digital industries unit, and part of its customer services unit. Siemens said: “Senseye integrates… with existing and new infrastructure investments, using machine, maintenance, and maintenance operator data to understand the future health of machinery and what requires human attention.”
A statement from Momenta Partners said: “Senseye’s innovative predictive technology and deep expertise, coupled with Siemens’ global presence and extensive industry know-how, will allow customers worldwide to benefit from a seamless, integrated Industry 4.0 solution.”
Simon Kampa, chief executive at Senseye, commented: “Together we can multiply the full potential of Senseye’s innovative predictive technology and deep expertise. Siemens’ global presence and extensive industrial knowledge will ensure that our current and future customers benefit from innovative, seamlessly integrated Industry 4.0 solutions to drive measurable business outcomes.”
He added: “While most investors claim to be smart money, Momenta delivered… deep understanding of digital industry, relevant networks, and focused growth services.”
Margherita Adragna, chief executive of customer services for digital industries at Siemens, said: “Senseye’s AI based solutions complement our digital services portfolio driving efficient and scalable predictive maintenance. This will allow us to offer highly flexible solutions to help our customers across many industries to determine the future condition of their machinery and hence, increase their overall equipment effectiveness.”
Ken Forster, executive director at Momenta, said: “We were impressed by the industrial DNA of the team back in 2015, and so invested early and often. We’re proud to see them find a great partner in Siemens. Since our founding ten years ago, Momenta has solely focused on digital industry disruptors, investing and accelerating in 48 companies with eight exits now.”