Viking Analytics checks the health of advanced machinery – closes investment round with industrial giant
ABB Distribution Solutions is investing in and using AI analytics technology from the Swedish startup Viking Analytics. ABB and Viking did not disclose the investment’s financial details, but the Series A round saw the participations of the Belgian-based Finindus, which co-led the funding, and existing investors.
The funding is provided by ABB Technology Ventures (ATV) to develop improved predictive tools for the health of assets and electrical systems, letting users foresee anomalies before they pose a threat to their businesses.
Viking’s analytics solution uses AI-based algorithms to detect hidden or pre-failure operational conditions in electrical equipment. The software can help business owners decrease the frequency and severity of costly breakdowns and improve uptime through efficient maintenance scheduling.
ABB explained that Viking’s software is also a valuable addition to its Ability Asset Manager, which provides comprehensive remote visibility of the health status of assets and electrical systems.
Viking CEO Rajet Krishnan explained that the company’s goal is to make it simple for industrial specialists to use AI to “extract insights and value from process data and asset data.”
Krishnan said that by collaborating on this strategic project with ABB, they could expand their expertise in electrical equipment and discover a way to detect anomalies in medium-voltage machinery together.
ABB’s digital lead for electrification, Sherif El-Meshad, described that the collaboration with Viking Analytics would enable them to develop tools that can help customers cut operational spending.
ABB customers will be enabled to make informed decisions about their “electrical equipment fleet” and to implement pre-emptive maintenance procedures to avoid costly breakdowns.
Viking won the global ABB Electrification 2020 Startup Challenge. However, Anton Kotov, chief strategy officer at ABB Electrification, explained that they did not receive an immediate investment after winning the Challenge.
Instead, according to Kotov, the Distribution Solutions Division and Viking had been working closely together before ABB participated in a large investment syndicate.
This funding is not the first time ABB has invested in tech firms. ABB had previously invested in Samotics, a Dutch company that provides similar services. It also backed Okto Grid, a company that uses digital sensing to boost the efficiency of old power grid hardware.
Har du nyhetstips eller synpunkter? Kontakta oss
Grunden i vår journalistik är trovärdighet och opartiskhet. Techarenan är obereoende i förhållande till politiska, religiösa, ekonomiska, offentliga och privata särintressen.