VISENSE is a smart, error diagnosis solution that provides real-time insights into industrial machine errors, allowing clients to identify and resolve chronic and sporadic machine errors quickly.
According to Aberdeen Research, 82% of manufacturing companies have experienced unplanned equipment downtime, for which the average cost has been estimated at USD 260,000 per hour. Thus, reducing downtime is a top priority for 82% of manufacturing companies. According to Henkel, industrial manufacturers worldwide spend an estimated USD 50 billion annually on unplanned downtime. Senseye takes this even further and assumes that the Fortune Global 500 manufacturing and industrial firms are taking a near USD 1 trillion financial hit every year due to unplanned downtime. With a solution clearly solving such pain points, VISENSE has the potential to be used in various industries, including automotive, packaging, plastics, and many more, amounting to a USD 1.6 billion addressable market.
VISENSE’s solution uses industrial cameras and selected sensors to capture machine error-related data. Its software utilizes machine learning and computer vision to deliver error analysis through its dashboard and digitalizes central processes to enable data-driven decision making. Unlike other industrial computer vision solutions, they do not focus on product quality monitoring, product tracking, camera-based robot guidance or employee movement tracking, but explicitly diagnose the machines' processes in order to understand them at their core.
Looking forward, the company will also benefit from the strong growth of the global industry 4.0 market, which was valued at USD 86 billion in 2020 and is expected to reach USD 267 billion in 2026, with a compound annual growth rate of 20.7%.
Since the initial investment of the Serpentine Venture Rookie Fund I in VISENSE, several positive developments have taken place, and we are impressed with the team’s achievements over this short period. The company has shown good progress on the commercial side as it successfully completed a proof of concept (PoC) with BMW and is now working to roll-out the startup's solution in the majority of their plants. Furthermore, they completed several PoCs with Georg Fischer and SIG allCap.
Their initial collaborations have proven beneficial in terms of growth and have provided VISENSE with a good entry point into the industry. Since then, VISENSE has been in discussions with other potential customers, which will very likely turn into further projects. And that is why we made a follow-on investment in this startup.
