PULSE Industrial, producers of an advanced IoT solution for the continuous monitoring and predictive maintenance of steam traps, has closed a US$1.9 million financing round. Investors were the GreenSky Accelerator Fund III managed by GreenSky Capital, Momenta Partners, SOSV, Celtic House Asian Partners, and First Inflection. PULSEâ€™s press release can be found here.
The current industry standard for steam trap measurement relies on scheduled human inspections with the use of specialized ultrasonic â€œlisteningâ€ equipment and can miss steam trap failures and current IoT monitoring solutions are not cost-effective. PULSE has developed a hardware monitor that is inexpensive, non-invasive, accurate, long-lasting, and offers continuous long-range connectivity while not requiring line of sight and while operating without interfering with wireless infrastructure.
PULSE will use the proceeds of this raise to ramp up sales, support further product development, increase manufacturing capabilities, execute projects around software scalability, and grow its technical and sales teams.
â€œPulse Industrial began as a mission to bring AI and electronics to solve an environmental problem,â€ said Thomas Uhlenbruck, PULSEâ€™s CEO. â€œThereâ€™s a large appetite now to digitize industrial environments, and with todayâ€™s available technology in AI and long-range communications, we have the potential to put out smart sensors at unprecedented scales for benefits like reducing CO2 emissions and improving safety.
GreenSky Managing Partner Greg Stewart said, â€œAs a protectable IP business that measurably improves the economics of industrial and infrastructure customers, PULSE is very much in GreenSkyâ€™s â€˜sweet spot,â€™ and Thomas and his team are some of the strongest young founders we have come across. We are thrilled to be along for their journey, particularly with this strong group of co-investors.â€
Managing Partner, GreenSky Capital
CEO, Pulse Industrial
About PULSE Industrial
Pulse Industrial creates smart monitors to predict industrial equipment failures, to improve safety and reduce CO2 emissions.
Our product is a device to detect failures in steam traps. Steam traps are a common piece of equipment in steam systems, and they are notorious for failing frequently. These failures cause heavy steam leaks, and when undetected, thousands of dollars in fuel is unnecessarily burned. www.pulseindustrial.ca
About GreenSky Capital Inc.
GreenSky Capital Inc. is an award-winning Toronto-based firm that makes investments in early-stage Canadian technology companies through its affiliated venture capital funds, GreenSky Accelerator Funds I, II, III, and IV. Our principals bring a combination of experience in technology, entrepreneurship, law and finance to high-growth potential companies and dedicated entrepreneurs. Learn more about GreenSky at www.greenskycapital.com