US plant maintenance software and sensor company Tractian has raised US$120 million of new equity funding from venture capital firms led by Sapphire Ventures.
General Catalyst, Next47 and NGP Capital were other investors in the round.
Atlanta-headquartered Tractian has now raised about $200 million of private equity funding since it was established in 2019.
“This funding will accelerate Tractian’s mission to optimise machine performance and ensure unprecedented uptime,” the company said.
“As the Industrial Copilot, Tractian stands out by providing integrated hardware and software solutions for industrial asset monitoring, physical operations, and maintenance management, helping companies ensure zero downtime and improve technicians’ productivity.”
Tractian addresses a range of markets and says the world’s largest mining companies “are already transforming their maintenance sectors with our fault prescription technology”.
“Maintenance expenses in the mining sector amount to up to 50% of all operating costs,” it said.
Sapphire Ventures partner Anders Ranum said Tractian was “a transformative force in the industrial sector”.
It addressed “one of the most expensive challenges facing manufacturers today – unplanned downtime – with an AI solution that not only predicts issues but drives operational ROI”.
Tractian says unplanned downtime costs the world’s 500 largest companies about $1.4 trillion, or 11% of their annual revenues.
“Recovery times have worsened dramatically, rising from an average of 49 minutes five years ago to 81 minutes today,” the company says.
“This surge is fuelled by systemic challenges: COVID has left critical skills gaps, while shifting global supply chains, compounding delays. Adding to the strain, modern equipment breakdowns have become harder to detect and repair.”
