SenSat, a British company using artificial intelligence (AI) to create digital representations of real-world locations, announced on Tuesday the completion of a $10-million Series A round of financing led by Tencent Holdings.
Sistema Venture Capital, a venture capital firm focused on investments in growth-stage technology companies, also participated in the new round, SenSat said in a statement.
Some $94 trillion in infrastructure investment is required by 2040 to sustain global growth predictions and yet, infrastructure is one of the least digitized sectors in the global economy, lacking the automation and transparency that has transformed online industries.
SenSat, founded in 2018, creates digital representations of real-world locations, otherwise known as “digital twins,” which infuse real-time data sets from a variety of sources. The result is an accurate, digital and up-to-date copy of the real world in a machine-readable format. This enables offline industries, such as infrastructure, to make more informed decisions and accurate analysis, improving safety, cost-efficiency, waste generation, project collaboration, and carbon reduction.
The investment “aligns well with the ambitions of Tencent’s Cloud and Smart Industries Group,” said Ling Ge, chief European representative at Tencent Holdings, who will be joining the SenSat board. “We believe SenSat is well positioned to introduce mass digital automation to offline industries that have not yet engaged in the digital revolution; and we look forward to SenSat applying its platform to a broadening range of smart industries.”
“Infrastructure is the only sector to have had a 0% net productivity increase since the 1960s, with a history of inefficiencies in doing business, contributing to a staggering 61% of total UK waste. The result is an estimated $5.2 trillion direct economic loss per year. Knowing this, we see a huge opportunity in allowing computers and AI to analyze the real world in order to help us grow more sustainably – an area which SenSat is pioneering,” said Harry Atkinson, co-founder and Chief Data Officer of SenSat.
Proceeds from the latest funding round will be used by SenSat to recruit data scientists, mathematicians and software developers and drive its international expansion.