Swedish AI startup Viking Analytics raises more than €3m Series A funding for global expansion

Viking Analytics, a Swedish startup developing AI-based machine health monitoring technology, announced the closing of its Series A round, co-led by Belgium-based Finindus (backed by ArcelorMittal), and Sweden-based Industrifonden with ABB and existing investors also participated in the round.

Viking also disclosed it has secured a commercial agreement with ABB for monitoring of their customers' switchgear products. The investment funds in mobility and smart industrial technologies and the commercial contract serve as recognition of the company's capabilities and will allow Viking Analytics to accelerate its technological development and scale the commercialization of its solutions. 

Rajet Krishnan, Co-founder and CEO, Viking Analytics: "We are excited to have closed an oversubscribed round in an unusually tough environment. This investment is a strong testament to our unique value proposition, market position and technology readiness. We believe that our new investors will bring tremendous value with deep industry expertise and networks to our journey in enabling in remote machine health monitoring."

Roel Callebaut, Investment Manager, Finindus: "Viking Analytics convinced us of their approach to machine health monitoring. Through numerous conversations with industry experts we understood they are solving the issues that prevented previous predictive maintenance solutions to be used for non-critical assets."

Starting operations in 2018, Viking Analytics is on a mission to enable every industrial service company (like maintenance companies, OEMs, and system integrators) to monitor more machines reliably. Vikings' proprietary solution prioritizes the machines that need attention, while providing relevant explanations for the prioritization. Furthermore, experts can provide feedback based on the priority list and recommend actions. With the Viking solution, service companies can offer reliable remote monitoring services with less false alarms and without in-house AI teams. Vikings' unique approach of augmenting human experts to becoming "super-experts" is steadily gaining market acceptance as proven with more than 20 customers globally.

Karolina Bjurehed, Investment Director, Industrifonden: "We're impressed by what the team has accomplished so far and are happy to support this technological development and innovation in the industry. Not only does it enable more efficient control of the product line, but it's also more sustainable.

Chao Wu, Principal, ABB Technology Ventures: "With the pressure on to ensure uptime and prolong the lifecycle of electrical assets, the partnership allows us to develop analytics that will help customers maintain their operations and cut costs. Customers will get the insights they need to make informed decisions about their electrical equipment fleet and take preventative actions to avoid costly failure. We look forward to continuing our close collaboration with Viking Analytics to further develop and scale new AI software solutions in the future."

www.vikinganalytics.se