HAIFA, Israel, March 25, 2019 /PRNewswire/ -- EDP Ventures, the Venture Capital arm of EDP has decided to invest in Presenso, a leading provider of Artificial Intelligence driven Predictive Maintenance for industrial assets. EDP, the fourth largest player in renewable energy, ranks among Europe's major electricity operators and is one of the largest business groups in Portugal.
This investment supports a strategic partnership between EDP and Presenso, aiming to accelerate Industry 4.0 adoption within the utility sector.
"In the last year Presenso has added leading industrial organizations to its client roster," says CEO Eitan Vesely: "We are pleased that EDP recognizes the potential of Presenso's approach to Predictive Maintenance based on Automated Machine Learning or AutoML. We look forward to expanding our global presence as more industrial plants start realizing the value of reducing unplanned equipment downtime and increasing production yield rates and revenue."
"With AutoML, Presenso is able to provide a single solution which is quick to deploy and is applicable to multiple types of machines," added Deddy Lavid (Ben Lulu), Presenso CTO.
"The utility sector is changing fast. The development of Digital Technologies such as predictive analytics is accelerating and it's urgent to take advantage of them to change the paradigm of traditional assets maintenance. We are thrilled to be joining Presenso and are looking forward to work with the company and contribute to its development as a front runner in the industrial analytics field," says Luís Manuel, EDP Ventures' board member.
Presenso provides AI driven Industrial Analytics tools for Predictive Maintenance using data science innovations such as Automated Machine Learning (AutoML). These tools are accessible to maintenance and reliability professionals without the need to hire Big Data experts. Presenso solution is available today for both OEM's which are now developing their Industry 4.0 offerings and to end users operating their own equipment.
EDP Ventures is the corporate venture arm of EDP Group, an early-stage venture capital mainly focused in Seed and Series A aiming to support and stimulate the open innovation process in the energy sector. Currently managing more than 70M€, EDP Ventures looks for disruptive technologies and business models focusing in Renewable Power technology, Smart Grids, Energy Efficiency, Electric Mobility, Energy Storage, AI and ML, Cybersecurity, Digital and Predictive analytics. It is located in Lisbon and São Paulo.