IPercept Raises €5 Million to Enhance Machine Efficiency with Predictive AI

Stockholm-based IPercept secures €5 million in funding to grow its predictive AI platform that enhances machine efficiency for manufacturing teams across Europe, boasting a 100% customer retention rate since its launch in 2022.

Stockholm’s own IPercept, an industrial tech startup, just landed a hefty €5 million to supercharge its predictive AI platform. This funding aims to ramp up their efforts in helping maintenance and production teams across Europe. The plan is fairly straightforward: expand into key manufacturing hubs, deploy their customer solutions more broadly, and, of course, boost their team’s numbers.

Led by Luminar Ventures, this funding round brought in some notable guests—RunwayFBU, Backstage Invest, AI.Fund, plus existing investors like J12 joined the party. Karoly Szipka, IPercept’s founder and CEO, had this to say: “We’re building applied AI to enable the true change-makers of industry – the people on the factory floor. Europe remains a manufacturing powerhouse, yet we continue to lose value by underutilising the resources we already have.” He believes this tech could help reverse that trend, capitalizing on untapped industrial potential.

IPercept wasn’t just thrown together overnight; it sprouted from years of research at the Royal Institute of Technology in Stockholm. The company developed a patented method for data collection and analysis, which allegedly allows manufacturers to keep an eye on machine health without the hitches of additional complex system integrations or cybersecurity headaches. Pretty neat, right?

Their approach stands out from traditional predictive maintenance solutions. By analyzing machine data without overhauling existing systems, IPercept promises quick deployment and useful insights within “days of implementation.” Since they kicked off commercially in 2022, they’ve already teamed up with big names like Scania, Volvo, and Bosch, and even Toyota, while boasting a dazzling 100% customer retention rate.

IPercept’s tech reportedly helps firms ramp up uptime, crank up productivity, and elevate product quality—all with minimal initial setup. Magnus Bergman, Founding Partner at Luminar Ventures, praised the team, stating, “The team at IPercept has shown exceptional vision and execution. Their predictive AI platform is set to play a crucial role in reshaping industrial machine efficiency, and we are excited to support them as they scale.”

Industry figures warn that manufacturing faces a €1 trillion annual productivity sink—mostly due to machine downtimes, inefficiencies, and quality hiccups. Traditional solutions often come with pricey integration requirements that can leave manufacturers in the lurch, struggling to access quality machine data. Compounding the problem is a growing skills shortage in production and maintenance roles, creating an urgent need for experienced technicians.

IPercept’s predictive AI platform hopes to address multiple pain points at once—improving efficiencies, cutting down on unexpected breakdowns, and optimizing product quality. All while giving teams clear insights to make informed decisions and bolster safety on the factory floor.

In summary, IPercept’s recent funding marks a significant step for the startup, emphasizing its potential to reshape machine efficiency using innovative predictive AI tools. With a focus on simpler integration and rapid insights, they aim to address critical challenges in Europe’s manufacturing sector, especially in light of the productivity challenges faced by the industry. The future looks promising as they work to fill a pressing gap in machine management.

Original Source: www.eu-startups.com