Manchester-based SamsonVT, a company that solves aftersales and lifecycle management problems using immersive technology and data science, announced on Thursday that it has raised $5.1M (approx €4.58M) in its Seed round of funding.
The round was led by Par Equity, with participation from US-based Blumberg Capital.
Aidan MacMillan, Senior Investment Manager, Par Equity says, “SamsonVT has the potential to become the go-to platform for the after sales market, an industry that is vast in size, fragmented, and characterised by a lack of innovation. The Covid-19 pandemic has accelerated the move to digital, and SamsonVT has an ideally placed product geared towards Industry 4.0.”
Stanton Green of Blumberg Capital, adds, “We look forward to the journey ahead and helping SamsonVT make an impact on Industry 4.0, across the US and globally.”
The proceeds from this round will be used to support the company’s growth strategy, which includes plans to develop new and existing products, enhance customer service, and scale production as the company expands into new territories.
Besides, advisors at Sand Hill East will support SamsonVT through its next phase of growth in sales, marketing, and business development, as well as strategically preparing for entry into the US.
Speaking on the development, Sam Burgess, CEO and co-founder of SamsonVT, says, “Having the support of Par Equity, Blumberg Capital, and Sand Hill East is a powerful endorsement of SamsonVT which demonstrates belief in the company’s potential – we are thrilled to have their backing.”
“There is a huge desire for smart technologies that help OEMs improve customer service, while also allowing them to operate more efficiently and in a more sustainable way. We can help them achieve these goals and this funding will enable us to provide our solutions to more organisations far sooner,” adds Burgess.
The company was co-founded by Sam Burgess and Ed Brunyee in 2017 after they saw an opportunity for emerging technologies, including immersive 3D modelling, and machine learning, to solve the challenges OEMs encounter when managing the life cycle of equipment on a global scale.
Burgess, a former team leader in the Royal Engineers, and Brunyee, a corporate finance advisor, both had experience advising and supporting multi-national organisations and realised there was the potential to provide critical solutions to after sales market – which has traditionally been underserved by the technology sector.
SamsonVT has developed Industry 4.0 solutions that are transforming product maintenance and after sales. Currently, the company has three products, SamsonCORE, SamsonBASE, and SamsonLabs.
SamsonCORE helps businesses to empower engineers on the ground, by replacing technical manuals with 3D models that are always up-to-date. This ensures maintenance is carried out efficiently, saving businesses from costly delays. Simple to update across numerous languages, SamsonCORE enables on the job training and upskilling.
As for SamsonBASE, it is an anomaly detection and predictive maintenance solution. It uses machine learning techniques to analyse asset data and provide an organisation with smart insights. And SamsonLabs creates value from business data by using data science.
Some of the company’s client base includes Lotus, RS Components, and Norton Motorcycles.