On Monday, Leiden-based Samotics, an electrical data analytics company, announced that it has signed a €20M financing agreement with the European Investment Bank (EIB).
The EIB financing is supported by the European Commission under its InvestEU initiative.
The Dutch company will use the funds to accelerate the research and development of its technology, which can boost reliability and energy efficiency in electrical motors using AI.
The announcement comes as the EIB Group wants to accelerate digitalisation and innovation in Industry 4.0-related technology, such as artificial intelligence and microchips, as this kind of innovation is key to Europe’s green and digital transitions, and crucial in ensuring its technological and strategic autonomy.
The EIB’s financing benefits from the backing of the “Future Tech” guarantee within the InvestEU initiative of the European Commission.
“This is one of those applications where the use of artificial intelligence can make a difference.“ states EIB Vice President Robert de Groot. “It highlights that modern challenges require modern solutions, and this intelligent way of pre-empting problems and optimising energy efficiency is an important element in our decarbonisation journey. As part of our commitment to supporting technology and innovations critical for Europe’s competitiveness, we are proud to back Samotics.”
Samotics: Specialises in analysing electrical data
Samotics, founded in 2015 by Simon Jagers and Gerben Gooijers, specialises in analysing electrical data to improve conditions and energy efficiency.
The company has developed a solution for predictive maintenance and energy optimisation for industrial firms, using Electrical Signature Analysis.
The electrical signature analysis (ESA) relies on the principle that subtle changes in the operational characteristics of an electrical motor, often occurring before a failure, impact the machine’s magnetic field.
This affects the supply voltage and operating current, and by using various analytical techniques, ESA provides a comprehensive overview of the entire powertrain, from motor to transmission to load, to accurately predict faults.
Their system monitors electric motors to find energy waste and predict problems, offering recommendations based on Artificial Intelligence (AI).
The system can be installed directly in the electric cabinet, avoiding the need to access the often-inaccessible motors.
The predictive analytics for malfunction detection are vital, as these motors typically support critical infrastructure where unplanned downtime is unacceptable, and the costs of complete failure are high.
Additionally, identifying and correcting energy inefficiencies can significantly reduce operating costs.
“This funding from the EIB highlights the trust placed in our technology and its potential to revolutionise industrial reliability and sustainability. It’s a defining moment for Samotics as we further accelerate our growth and innovation journey,” says Jasper Hoogeweegen, CEO of Samotics.
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