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 Wong. Lim 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.
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.