Senseye, the leader in predictive maintenance software, has raised £3.5 million for its Series A funding round led by MMC Ventures. The round was also supported by existing investors Breed Reply, IQ Capital and Momenta Partners.

Senseye's cloud-based solution helps manufacturers reduce maintenance costs by automatically identifying machine failure through machine learning algorithms fed with data from the Industrial IoT. Users can benefit from up to a 40% reduction in maintenance costs, as well as lowering unplanned downtime by up to 50%.

The company will use the capital to meet fast-growing customer demand for its Senseye automated condition monitoring diagnostics and prognostics product - the leading-edge software solution that enables industrial companies to easily predict the failure of machines months in advance.

Dr Simon Kampa, Senseye CEO and co-founder commented "We're delighted to have secured the right capital and strategic partners to help us to accelerate our success. We're confidently on the way to making unplanned machine downtime a thing of the past and leading an emerging $5 billion market".

Commenting on the investment, Simon Menashy, partner at MMC Ventures, said: "We believe that predictive analytics is going to have a transformative impact on industrial companies over the next decade. Over the past year we have met and assessed more than 250 companies applying AI and machine learning technologies across every sector - Senseye's mix of cutting-edge data science and deep understanding of engineering puts them amongst the very best we have seen. I'm excited to work with them to create some of that transformation and build a big company in the process".

For more insights on this deal from MMC, read Simon's blog: AI meets heavy industry: Why we invested in Senseye.

Or, click here for the full press release.