Elmodis, a Kraków, Poland-based Polish industrial internet of things startup, secured $4.9m in funding.
Backers included Intel Capital, SET Ventures and Nest.
The company will use the funds to scale production, increase development, and expand their commercial and technical team in Kraków.
Led by CEO and co-founder Artur Hanc, Elmodis provides an integrated hardware and cloud based software solution that monitors the performance of industrial machines powered by electric motors in real time, based on electric parameters.
Connected directly to machine’s electric motor, the company’s solution detects malfunctions and calculates savings for optimal working conditions helping Original Equipment Manufacturers (OEMs) reduce warranty repair costs and to end-users such as plants operating in various industries optimize their energy consumption and prevent failures from incorrect usage.
Elmodis is also working with Palo Alto based Electric Power Research Institute (EPRI) to introduce the technology to the US.