Viking Analytics closes Series A of more than €3M
Viking Analytics AB, a Swedish company developing AI-based machine health monitoring technology, has closed its Series A funding round of more than €3M with the support of Industrifonden, Finindus, ABB, and existing investors. The new investment will allow Viking Analytics to accelerate the development of machine health monitoring solutions. Viking Analytics has also secured a commercial agreement with ABB to bring its machine health monitoring solution to ABB’s switchgear products.
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 low-cost remote monitoring of machines; in particular, rendering balance of plant machine monitoring economically feasible.”
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.
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.”