Mons, Belgium-based I-care Group, a company that specialises in predictive maintenance and reliability solutions, announced on Friday, September 30, that it has secured €50M in a fresh funding round led by a major Belgian industrial investor and CPH Bank.
The round also saw participation from IMBC, SRIW, and the Amerigo fund. The announcement comes a few months after the Belgian company raised €10M from its employees.
I-care Group says the latest fundraising will help it to accelerate its growth and to position itself as the market leader in predictive industrial maintenance.
“I am delighted to see the confidence that I-care is generating, both with investors and with our teams, customers and partners,” explains Fabrice Brion, CEO of I-care. “I am very excited to welcome a leading Belgian, family-owned industrial group (an I-care customer) with CPH Bank and Walloon Amerigo fund. I am very grateful to IMBC and SRIW for their continuing support. This new fundraising round further confirms I-care’s strong Belgian roots and our international ambition. We want to be the global number one player in industrial machinery health. The funding will enable us to continue our global expansion, scale up our workforce, accelerate our transition towards a hardware-enabled SaaS model, and further invest in R&D and technology.”
Currently, the co-founders, Fabrice Brion and Arnaud Stiévenart, and employees hold more than 80 per cent of the shares. External private and public shareholders own the remaining 20 per cent.
I-care Group: What you need to know
Founded by Fabrice Brion and Arnaud Stiévenart in 2004, I-care Group’s AI and data-driven solutions can predict industrial failures months or even years before they occur. The company’s mission is to help its customers reduce risks for safer, more productive, and more sustainable industries.
The company has developed I-see, a secure, web-based plug-and-play platform that allows users to focus on machine health, making field and analytics work accessible and efficient. The company works with more than two thousand blue chip customers, worth €70B.
I-care claims that its solution can help prevent 99 per cent of industrial breakdowns, reduce machine downtime by 10-20 per cent, and maintenance costs by 35-45 per cent.
The company has been growing at more than 35 per cent YoY for the past five years and aims to multiply its revenues and normalised EBITDA margin by five during the next five years.
The company has also announced that the production of sensors is growing exponentially, as it currently produces and delivers more sensors within a month than it has done during the last eight years.
I-Care Group has close to 700 employees and offices in 12 countries in the Americas, Europe, and Asia-Pacific, with customers in more than 55 countries.
Catch our interview with Paul Down, Head of Sales at Intigriti.