SamsonVT looks to boost growth after securing $5.1 million in seed funding
Manchester-based technology start-up, SamsonVT, today announced that it has received $5.1m in seed funding with investment led by Par Equity, with participation from US-based Blumberg Capital.
This follows their recent partnership with RS Components to produce the first affordable machine learning-enabled predictive maintenance (PdM) solution for manufacturing SMEs.
The company was co-founded by Sam Burgess and Ed Brunyee in 2017 after they saw an opportunity for emerging technologies, including immersive 3D modelling and machine learning, to solve the challenges OEMs encounter when managing the life cycle of equipment on a global scale.
The company has since undergone rapid growth with a fast-expanding client base that includes global businesses Lotus, RS Components and Norton Motorcycles.
The funding will be used to support SamsonVT’s aggressive global growth strategy, which includes plans to develop new and existing products, enhance customer service and scale production as the company expands into new territories.
Advisors at Sand Hill East are supporting SamsonVT through its next phase of growth in sales, marketing and business development, as well as strategically preparing for entry into the US.
Sam Burgess, CEO and Co-founder of SamsonVT, said: ‘‘Having the support of Par Equity, Blumberg Capital and Sand Hill East is a powerful endorsement of SamsonVT, which demonstrates belief in the company’s potential – we are thrilled to have their backing.
“There is a huge desire for smart technologies that help OEMs improve customer service, while also allowing them to operate more efficiently and in a more sustainable way. We can help them achieve these goals and this funding will enable us to provide our solutions to more organisations far sooner.’’
Aidan MacMillan, Senior Investment Manager, Par Equity said: “SamsonVT has the potential to become the go-to platform for the after-sales market, an industry that is vast in size, fragmented, and characterised by a lack of innovation. The Covid-19 pandemic has accelerated the move to digital, and Sam, Ed and the team have an ideally placed product geared towards Industry 4.0. We are excited to support their journey in the years ahead.”