Serpentine Ventures, AI Startup Incubator and business angels from SICTIC and BAS participated in the financing round for VISENSE. The proceeds from the pre-seed round provide the Zurich-based startup accelerate development to help their customers reduce unplanned machine downtime.
According to Henkel, industrial manufacturers worldwide spend an estimated USD 50 billion annually on unplanned downtime. Thus, reducing downtime is a top priority for 82% of manufacturing companies. Senseye, the leading machine health management company, also assumes that the Fortune Global 500 manufacturing and industrial firms are taking a nearly USD 1 trillion financial hit yearly due to unplanned downtime.
VISENSE developed an IIOT error diagnosis solution that provides visual insights into industrial machine errors and processes, allowing clients to identify and resolve chronic and sporadic machine errors more than 50% quicker. The IIOT technology solution comprises hardware which uses industrial cameras and selected sensors to capture machine error-related data. Its software utilises machine learning and computer vision to deliver error analysis through its dashboard and digitalises central processes to enable data-driven decision-making.
Unlike other industrial computer vision solutions, VISENSE focuses primarily on diagnosing machines’ processes to understand them at their core. The solution replaces expensive and inefficient manual servicing by machine operators and planners; it is ready to use within minutes and requires no data integration. All machine faults are automatically documented and shared on a dashboard for better communication between employees and stakeholders. Moreover, customers can use the solution to improve underperforming machines or accelerate the ramp-up process of new machines. VISENSE can be used in various industries, including automotive, packaging, plastics, and many more, amounting to a USD 1.6 billion addressable market.
VISENSE has created the “Eyes” and “Brain” of a system that watches over and controls industrial robots and machinery in specific production environments. VISENSE is the first in line for this enormous leap in a future where machines would monitor their own work and that of other machines to ensure quality,” said Says Angelo Burgarello, Partner and Investor at AISI.
“As a particle physics, data scientist with IIoT experience, and business angel, I am extraordinarily impressed with the team. After discovering their deep knowledge of solving customer problems and their intellectual capability to generalise solutions of individual projects into a single scalable data-driven framework, I knew I had to invest as much as I could. It is impossible to imagine VISENSE not succeeding,” said Dehua Zhu, investor.
Co-founded by Christian Reich and Marvin Thiele in 2020, VISENSE has already attracted som of Europes’s leading companies as customers. The startup and its team of 6FTE won Stage 2 of Venture Kick in 2012 and was part of the PwC IoT Scale program, HSG Entrepreneurial Talents program and MassChallenge finalists.