Twinsity, a leading deeptech startup specialising in AI-based infrastructure inspection, announced it has secured a €2.5 million funding round from the European Innovation Council Accelerator (EIC). This fresh capital not only validates Twinsity’s outstanding achievements to date but also drives the company towards further development and expansion on a global scale.
The funding from the European Innovation Council Accelerator will be instrumental in driving Twinsity’s continued growth. The German startup plans to use the funds to enhance its core technologies, accelerate research and development efforts, and expand its team of industry-leading experts.
“We are incredibly honoured to receive this funding from the European Innovation Council Accelerator, as it reflects the immense potential of our AI-based automated inspection platform”, said Fabien Chalas, Founder and CEO of Twinsity. “This investment will fuel our mission to transform the way large infrastructure is inspected and maintained, ultimately increasing operational safety and minimising risk. We are excited to continue empowering industries to thrive in a safer and more efficient manner.”
Founded in 2019, Twinsity has distinguished itself in the technology industry with its AI-based automated inspection platform for large infrastructure assets, such as bridges, dams, and oil and gas refineries. By harnessing the power of artificial intelligence and machine learning, Twinsity’s Twinspect platform increases operational safety and efficiency, providing its customers with unparalleled insights and proactive maintenance solutions. The platform enables expert teams to gain a comprehensive understanding of asset conditions, facilitating accurate decision-making and proactive maintenance planning.
Twinsity was not only granted €2.5 million in funding but has also been selected by the European Union as an example of a highly innovative company. The EIC Accelerator serves as a springboard for breakthrough innovation, providing substantial support to innovative companies with ideas that have exceptional market potential and the ability to revolutionise industries. This funding initiative, provided by the European Union, combines financial assistance and support services to empower companies to take risks, develop pioneering technologies and contribute to a sustainable economy.
Theo Woik, Managing Partner of C3 Venture Capital, Twinsity’s first institutional investor, says: ”We were convinced from the beginning that Twinspect would be able to automate most of the work associated with large-scale infrastructure inspections. Twinspect has the potential to transform the infrastructure inspection industry, both by reducing costs 10-fold and by predicting maintenance needs on a regular basis. Digital twins captured by drones combined with AI-driven analytics will be the industry standard in the near future; with the strong support of the EIC, Twinsity is advancing the industry.”
Read the orginal article: https://www.eu-startups.com/2023/07/kassel-based-twinsity-secures-e2-5-million-from-eic-accelerator-to-upscale-ai-based-infrastructure-inspection/
