Maintenance: a word that fills any business that has physical assets with dread. It’s typically synonymous with wasted time and a loss of finance, but thanks to the industrial internet of things (IIOT) and developments in AI, it no longer has to be.
Predictive maintenance continuously monitors equipment and how it performs in day-to-day operations using AI-powered monitors. These perform checks like vibration analysis, infrared analysis, and sonic acoustical analysis. The IoT sensors observe for any digressions from what it considers ‘normal’ functionality and sends real-time alerts to machine owners to warn of any potential future failure.
A 2021 report from IoT Analytics estimated that the 6.9-billion-dollar predictive maintenance market will reach $28.2 billion by 2026. Distrelec has analysed where some of the top predictive maintenance companies are in the world and how much support they are getting from investors.
Just over a quarter of the total companies analysed were found in Canada and the US, with 23% of these being US-based. They were also found to receive some of the largest investments, with total funding for US-based companies standing at $389.64 million across 26 companies and $24.27 million for the 4 Canadian companies. Meanwhile, 42% of companies were found across various corners of Europe, with countries like France, UK, and Belgium receiving sizeable investments, and Switzerland receiving a substantial investment of $200 million across just one company, Clover Group.
The map also shows significant adoption across Asia, particularly in China, India, and South Korea. Analysis showed 5 companies in China, 9 Indian companies, and 4 South Korean companies, demonstrating the potential for market growth over the coming years.
Meanwhile, the analysis showed predictive maintenance companies to be in their infancy in Australia and South America.
California-based C3.ai holds the top spot when it comes to investment total, bringing in $356.14 million. The company works across a variety of sectors, from oil and gas to healthcare, including working with Shell. C3.ai believes they have the largest predictive maintenance deployments in the world, operating across 10,000 pieces of equipment within the global asset base. They worked in collaboration with C3.ai, Microsoft, and Baker Hughes to create the ecosystem, Open AI Energy Initiative, which makes Shell’s predictive maintenance solutions commercially available to any energy company.
The second-largest US company in terms of available investment data is Enertiv, a New York-based company that primarily streamlines real estate portfolios using asset tagging.
Nanolike, a company focused on electronic tests, measurement, and monitoring and based in Labege, was found to receive $2.39 million of funding. The company provides monitoring and predictive maintenance for industrial assets such as IBC, silos, and tanks without coming into contact with internal content.
Lille-based Diagrams Technologies received $2.31 million in funding and champions their predictive maintenance solutions over previous preventive maintenance strategies that focused on theoretical lifecycles. Similar to Nanolike, Diagrams Technologies are experts in industrial data.
Warwick Analytics, located in London, received $3.96 million of funding for its business intelligence, analytics, and performance management solutions. Of the data analysed, this placed them as the UK-based company with the largest investment in terms of predictive maintenance solutions.
Additionally, Conundrum, a Cambridge-based business, received $1.5 million in funding for their solutions focussing on industrial AI for metals and mining. Their optimisation solutions have reduced cavitation of hydrocyclones by 40% and reduced magnetite consumption by 20%.
Germany totalled 8 companies working with predictive maintenance across 7 different cities. ai.Omatic Solutions is a Hamburg-based organisation that focuses on internal software and services and received $0.8 million in funding. Their solutions are cloud-based and focus on the industrial sector, combining the advantages of statistical data with neural networks.
Dortmund-based Mindtainr is also in the industrial sector, focusing on supply chain and logistics software through their offering of industrial test management and compliance software. They raised an undisclosed amount of investment via seed funding from Starbuzz.
This data shows that there are 5 companies in China working with predictive maintenance, one of which, Yutian Technology, received $9.96 million through series A funding in 2009. They are based in Hangzhou, Zhejiang, and develop manufacturing, warehousing, and industrial software.
Die Teng Technology, based in Shanghai, is an HVAC intelligent maintenance management system developer that provides predictive maintenance of key equipment. Funding amounts are undisclosed, however, they received initial angel funding from K2VC and further seed funding from Mount Morning Capital.
Out of 9 Indian companies, a third of these were based in Bengaluru, with two receiving substantial funding, and another with undisclosed funding. The first company, Neewee, received $4 million of investment through series A funding in 2019 and focuses on AI-powered solutions for the manufacturing sector.
Similarly, SwitchOn uses AI technology and digital twins to streamline and improve the manufacturing sector. They received seed funding of $1.03 million in 2017 and offer a 60% reduction in quality cost through their predictive maintenance services.
Top IOT companies were sourced from IoTONE500 and funding data sourced from CB Insights.