Akselos couples to $10m

Akselos, a Switzerland-based industrial modelling tool developer spun out of Massachusetts Institute of Technology (MIT), has closed a $10m round led by Innogy Ventures, the corporate venturing arm of energy supplier Innogy.
Shell Ventures, an investment division of energy producer Shell, also contributed to the funding round.
Founded in 2012, Akselos has created a software platform called Integra that enables clients to generate precise digital replicas, known as digital twins, of large mechanical assets such as offshore oil rigs or wind turbines.
The software applies data analytics and machine learning techniques to data collected from internet-of-things sensors. Users can then plan maintenance expenditures more effectively, monitoring the condition of their assets in real-time.
Akselos’s platform is the result of more than 15 years of research started at MIT but continued at the Swiss Federal Institute of Technology. The capital will help drive further adoption of the software in the energy sector.
The spinout joined MIT’s Stex25 accelerator in 2016, the same year it raised $2.3m of equity, debt and grant funding from Forticap, EU-backed research initiative Eurostars, and unnamed new and existing investors.
Castor Ventures reportedly backed Akselos as part of a round also featuring Forticap, EuroUS Ventures and angel investor David Brown, though further details could not be ascertained.
Peter van Giessel, investment director for Shell Ventures, said: “Akselos allows us to better monitor the integrity of our most complex assets – be it production vessels or wind turbines. With this technology, engineers can now run analysis almost at the speed of thought.
“When integrated with real-life sensors on the assets, the technology creates a responsive system, enabling cost reduction and enhanced safety.”
– Feature image courtesy of Akselos