Shiratech, a world-leading AI specialist in Industry 4.0-based condition monitoring and predictive maintenance technologies, has received a major investment from Unicorn Technologies. Unicorn, a global public partnership that invests in companies demonstrating disruptive levels of innovation, will inject NIS 5 million (€1.27M) into Shiratech at a value of NIS 58 million (€14.7M) before cash, in return for 8% of the company’s shares.
In addition to this investment, Shiratech is about to close further funding activities. The company is in the advanced stages of planning an Initial Public Offering (IPO) on the Tel Aviv Stock Exchange. The estimated amount of the IPO will be NIS 30-40 million (€7.6-10.1M) at a value of NIS 120-150 million (€30.4-38.1M) before cash.
“Shiratech is proving highly attractive to investors thanks to its success in combining extensive hardware design expertise with the benefits of advanced sensor-driven data monitoring and multi layered artificial intelligence to make assets smart” said David Vactor, Managing Director of Shiratech.
Among its breakthrough product offerings is iCOMOX™, an intelligent condition monitoring platform built for Industry 4.0 with integral sensors for vibration, magnetic field, temperature, and sound. “iCOMOX AI solutions save factories huge amounts of money by performing complex data analyses and providing advance warning of impending failure before costly breakdowns can occur” continued David Vactor. “The purpose of the platform is to give our customers immediate efficiency metrics, saving thousands of dollars on daily maintenance while achieving improvements worth millions of dollars in plant output.”
Notably, iCOMOX is non-invasive and does not require the stoppage of production lines. In terms of global penetration, Shiratech has agreements in place with integrators on five continents, all in the field of Industry 4.0 and cellular communications. Many of the world’s leading industrial companies are currently trialling the solution. Shiratech also boasts some 45 paid PoCs worldwide, from countries as varied as South Africa, Peru, or Vietnam. Among its many distributors is globally operating Arrow Electronics.
According to an Arrow executive, the iCOMOX™ platform will be among the ‘megatrend’ technologies for 2021 as it offers more ways to connect industrial assets with the cloud, facilitating predictive maintenance and extending equipment service life, while reducing unplanned downtime. The upshot is a reduction in maintenance costs and savings in energy consumption for iCOMOX™ users in sectors that include automotive, general manufacturing, industrial automation, heavy industry, and food & beverage.
Moving forward, Shiratech will continue turning advanced condition monitoring and predictive maintenance concepts into reality for any company seeking genuine competitive gain. After all, a recent study by Aberdeen research shows that 82% of companies have experienced unplanned downtime over the past three years, and that such disruption can cost as much as €215,000 per hour. The iCOMOX platform offers the potential to reduce these losses to zero.
For more information, visit www.shiratech-solutions.com.