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Innovation of the WeekIoT EcosystemStartupsJanuary 28, 20220Innovation of the Week – January 28, 2022

by Brooke Bender

Groundup AI IoT  

What it is: 

Groundup AI offers proprietary IoT sound sensors and an AI-fueled platform to address unplanned downtime in multiple industries.  The company claims that their sensors and platform can reduce unplanned downtime by up to 50% and reduce maintenance costs by up to 25%.  The platform produces actionable business insights and provides full awareness of machine health while identifying the root cause of machine problems.   

Solutions include conditions-based maintenance, sound sensors, predictive maintenance, and computer vision.  These solutions are applicable for multiple industries including manufacturing, maritime, mining, oil & gas, and construction.

Who Made It? 

Groundup AI is based in Singapore and was co-founded in 2021 by Leon Lim and Alex WongLim has 7 years of leadership experience in various technology companies and is responsible for the direction and overall strategy of the brand.   Wong has 9 years of experience in management consulting and project implementation and management.  He leads the business development team to help deliver goals across multiple industries.

Funding status: 

The company raised $500K in seed funding in October 2021 from angel investors Wong Wen Shun, Choy Siew Kai, Jennifer Lewis, and Deepali Jain.  They are currently seeking Series A venture funding from undisclosed investors.

Why we like it: 

  • Solutions that can help prevent unplanned downtime in manufacturing and production are crucial to easing availability woes faced by numerous industries 
  • Sound-based approach to monitoring can be better than temperature-based or other monitoring methods.  Sound is the leading indicator as machines often give off a different sound when there are underlying problems, even before those problems escalate into something catastrophic.   
  • Singapore-based residential property management company GuocoLand partnered with Groundup AI in 2021 to accelerate the digitalization of its businesses

Did you know?  

According to a report by The Insight Partners, the predictive maintenance market will be worth $10.84Bn, globally, by 2027 with a CAGR of 15.1%.  The predictive maintenance market size is driven by multiple factors including: 

  • Growing need to reduce maintenance cost and downtime 
  • Rising investment in emerging technologies such as IoT, AI, and ML 
  • The presence of predictive maintenance vendors, and  
  • Growing government support and investment for regulatory compliance.

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