Elmodis rakes in $4.9 mln
Elmodis, an Industrial IoT (IIoT) startup based in Poland, has raised USD 4.9 million from Intel Capital, SET Ventures, and current investor Innovation Nest.
Elmodis, an Industrial IoT (IIoT) startup based in Poland, has raised USD 4.9 million from Intel Capital, SET Ventures, and current investor Innovation Nest. The company will use the investment proceeds to scale production, increase development, and expand their commercial and technical team in Kraków, Poland.
Elmodis provides an integrated hardware and cloud based software solution that monitors the performance of industrial machines powered by electric motors in real time, based on electric parameters. Connected directly to machine’s electric motor, Elmodis’ solution detects malfunctions and calculates savings for optimal working conditions.
Elmodis’ solution helps Original Equipment Manufacturers (OEMs) reduce warranty repair costs and ultimately build better products. It also provides value to end-users such as plants operating in various industries, by helping them optimize their energy consumption and prevent failures from incorrect usage.
Contemporary monitoring systems based on vibration and temperature measurement technology have limited applications and can be expensive to install. By contrast, the Elmodis system, is easy to install, and can be applied to any existing or new machine powered by electric motor.
Poland is currently Elmodis’ key market, but it is also working with Palo Alto based Electric Power Research Institute (EPRI) to introduce the technology to the US.
Elmodis technology taps into an expanding Industrial IoT (“IIoT”) market, which is estimated to reach USD 195.47 Billion by 2022. Investment activity in this space is accelerating, with 321 deals and USD 2.2 billion invested in IIoT startups in 2016, according to CB Insights.