Netherlands: Samotics secures €20 million EIB financing to accelerate the transformation of industrial efficiency and reliability with AI

This article is published in association with European Investment Bank.

• Dutch-based leader in electrical data analytics for condition and energy efficiency monitoring signs €20 million financing with European Investment Bank.
• Samotics will use the funds to accelerate the research and development on its technology, which can boost reliability and energy efficiency in electrical motors using AI.
• The EIB financing is supported by the European Commission under its InvestEU initiative.

Dutch-based electrical data analytics company Samotics has signed a €20 million financing agreement with the European Investment Bank (EIB) to accelerate its research and development activities. The EIB’s investment will enhance the company’s solutions regarding the monitoring of machine health and energy efficiency, while accelerating work on its next-generation integrated solution, planned for launch this year. The funding aligns with Samotics’ mission to make industries more reliable, efficient, and sustainable.

The EIB Group wants to accelerate digitalisation and innovation in Industry 4.0 related technology, such as artificial intelligence and microchips, as this kind of innovation is key to Europe’s green and digital transitions, and crucial in ensuring its technological and strategic autonomy. Reliability and energy efficiency are instrumental for Europe’s public and private efforts for decarbonisation and sustainability across different sectors. The EIB’s financing benefits from the backing of the “Future Tech” guarantee within the InvestEU initiative of the European Commission.

“This is one those applications where the use of artificial intelligence can really make a difference.“ stated EIB Vice President Robert de Groot. “It highlights that modern challenges require modern solutions, and this intelligent way to pre-empting problems and optimising energy efficiency is an important element in our decarbonisation journey. As part of our commitment to supporting technology and innovations critical for Europe’s competitiveness, we are proud to back Samotics.”.

“This funding from the EIB highlights the trust placed in our technology and its potential to revolutionise industrial reliability and sustainability. It’s a defining moment for Samotics as we further accelerate our growth and innovation journey,” said Jasper Hoogeweegen, CEO of Samotics.

The electrical signature analysis (ESA) that Samotics technology applies, relies on the principle that subtle changes in the operational characteristics of an electrical motor, often occurring before a failure, impact the machine’s magnetic field. This affects the supply voltage and operating current, and by using various analytical techniques, ESA provides a comprehensive overview of the entire powertrain, from motor to transmission to load, to accurately predict faults.

Samotics’ system specifically focuses on AI driven monitoring and analysis to predict malfunctioning, detect energy inefficiencies and provide actionable recommendations. The system can be installed directly in the electric cabinet, avoiding the need to access the often-inaccessible motors. The predictive analytics for malfunction detection are vital, as these motors typically support critical infrastructure where unplanned downtime is unacceptable, and the costs of complete failure are high. Additionally, identifying and correcting energy inefficiencies can significantly reduce operating costs.

Background information:

The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. The Netherlands owns a 5,2% share of the EIB. It makes long-term finance available for sound investment in order to contribute towards EU policy goals and national priorities. More than 90% of its activity is in Europe. Over the last ten years, the EIB has made available more than €27 billion in financing for Dutch projects in various sectors, including research & development, sustainable mobility, drinking water, healthcare and SMEs. The EIB will announce its 2024 annual figures on January 30^th 2025.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments previously available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners who will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

Samotics is a leading company in electrical data analytics for condition and energy efficiency monitoring. It has developed a predictive maintenance and energy efficiency optimisation solution for industrial companies based on Electrical Signature Analysis. The company’s system specifically focuses on monitoring and analysing electric motors to detect energy inefficiencies and predict malfunctioning through Artificial Intelligence driven recommendations.

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