Selections #16: CloudNC, Iotics, Risk Ledger, Senseye

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CloudNC – Making machining autonomous

UK-based, 2015 founded, $16.7m raised, 50-100 employees, working with clients in aerospace, defence, medical & oil & gas

Where’s the good stuff?

They raised their Series A back in mid-2018, led by Atomico. CloudNC are Entrepreneur First graduates, coming from the London EF5 cohort which also included the likes of Cleo, True AI, and ThirdEyeLabs.

What do they do?

In short, CloudNC’s mission is to completely revolutionise the CNC machined parts industry – to bring aerospace-grade quality at around half the price, for customers who need anything from a single part through to runs of hundreds or thousands.

So first off, what is CNC? Well, manufacturing-wise, it’s essentially the opposite of 3D printing – you start with a solid block (normally metal) and cut away from it to create an object. Sounds fairly simple when you describe it like that, but large scale CNC machining is not simple at all – to instruct a CNC machine to turn a 3D design into a finished part requires it to be fed pre-programmed sequences of machine control commands, which currently is a highly skilled and manual process. You have to instruct the machine not just precisely where and how to cut, but also which of its hundreds of tools to use. Programming a CNC machine can also be time-consuming, taking up to 100 hours for more complicated parts.

This is where CloudNC can completely revolutionise manufacturing. Their artificially intelligent software can program CNC machines to manufacture components in minutes, where today an expert machinist needs days to weeks. The manufacture itself is also faster and more reliable, and thereby cheaper.

Senseye – Knowing the future of maintenance.

UK-based, 2014 founded, £4.8m raised, 50-100 employees, working with General Electric, Nissan, Siemens

Where’s the good stuff?

They are backed by a strong list of investors, including MMC Ventures and IQ Capital, raising their Series A back in Q4 2017. They were selected onto Tech Nation’s well-known Upscale programme, in the 3.0 cohort 2018, alongside companies including Beamery, and Monese.

What do they do?

Senseye enables industrial companies to predict the failure of machines months in advance, using machine learning algorithms fed with data from the Industrial Internet of Things.

At the core of Senseye are the product’s unique advanced prognostics algorithms, which enable manufacturers to monitor and understand the remaining useful life of thousands of machines based at multiple sites – without the need for on-site expert technical input. Manufacturers can benefit from up to a 40 per cent reduction in maintenance costs, as well as lowering unplanned downtime by up to 50 per cent. The product requires no additional hardware or customisation, which means it can be installed quickly, realising the benefits almost immediately, their website claiming customers will see leading ROI in less than 3 months.

Iotics – Redefining enterprise with Iotic Twins

UK-based, 2014 founded, €7.5m raised, 11-50 employees, working with Rolls Royce Power Systems, BAM Nutall

Where’s the good stuff?

They raised a Series A of €7.5m only a few months ago from leading early stage backers IQ Capital, Talis Capital and Breed Reply. They will be using this injection to scale operations, also expanding their team in the US having recently hired Hans Weinberg (former CIO for ABB North America) as their Chief Operating Officer.

What do they do?

Iotics’ vision is a world where any thing can interact with any other thing, from the smallest sensor, to the largest power station, engine, train and plane along with people, suppliers and customers. The digital version of a thing, the Twin, has access to all its data and controls throughout its entire life, converting those end points into meaningful events, empowering enterprises to deliver on the promise of AI and machine learning.

Iotics enables enterprises to interact automatically and securely with their ecosystems of assets, objects, companies and people, providing the secure operating environment and tools to create digital twins of any thing, enabling secure interactions and building true interoperable ecosystems. Their secure, patented Operating Environment with interoperable Twins and their Event Streams can be deployed in as little as 12 weeks.

Risk Ledger – The new gold standard in supplier risk assurance

UK-based, 2018 founded, £15k raised, 11-50 employees, working with BT, Bupa, Telenor

Where’s the good stuff?

Were part of leading cyber accelerator CyLon’s Cohort 7 back in 2018. There’s not much public visibility on their total funding, but we do know they’re backed by a leading group of early-stage VCs – Seedcamp, Village Global, Firstminute Capital and Episode 1.

What do they do?

With over 60% of data breaches occurring through the supply chain, Risk Ledger’s platform completely changes the way that companies identify, measure and mitigate security risks for themselves and their suppliers. They’ve worked with the UK Government’s National Cyber Security Centre (NCSC) to develop a standardised security assessment framework so companies and their suppliers shouldn’t ever have to complete another one again.

On average, clients using Risk Ledger have seen a 70% decrease in the per supplier cost of security assurance and a 60% reduction in the time spent collecting and analysing assurance data – allowing them to review a greater proportion of their suppliers than ever before.

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