Acoustic-based analytics startup 3DSignals has raised $12 million in its Series A funding round backed by Enrique Aboitiz Jr., board chairman of Philippines-based conglomerate Aboitiz Equity Ventures.
The funding round, which brings the total investment into 3DSignals to $17 million, was led by early-stage venture capital fund State of Mind Ventures and was also participated by Israel-based Grove Ventures and German Dive Digital.
Founded in 2015, 3DSignals pioneers acoustics-AI for industrial machines. Its technology extracts operational performance parameters such as availability, speed, and health of industrial machines and generates insights that improve utilisation and increase machines’ productivity.
The Israel-based startup’s solution has already achieved recognition for its ability to monitor and maintain industrial equipment and processes. It was named “Cool vendor 2018” by Gartner and awarded “Entrepreneurial Company of the Year 2017” by Frost & Sullivan.
The company seeks to use the fresh funding to boost its technology to aid in the acceleration of manufacturing industry digitalisation.
According to a Cisco study, there are 60 million machines in factories throughout the world and 90 per cent are not connected while 70 per cent of the machines are more than 15 years old.
3DSignals also quoted another study that said large investments are needed if enterprises are to make the move to Industry 4.0, perhaps as much as €140 billion ($158 billion) annually in Europe.
“There is a growing need for our solution as it has already shown remarkable results within existing customers. Enterprises are realizing they can significantly improve operational efficiencies and cut costs through digitalization, and this trend has only just started,” said 3DSignals CEO Ariel Rosenfeld.
He added that 3DSignals plans to focus on growth by increasing its install base over the next few months across Europe.
“Digitalization in under an hour is a phenomenal achievement. This is a highly exciting area of investment right now,” said Aboitiz, one of the backers of the Series A round.
Aboitiz Jr was named chairman of the board of Philippines-based conglomerate Aboitiz Equity Ventures (AEV) in December 2018.