Twinsity, the ‘deep-tech’ start-up specialising in AI-based infrastructure inspection, has secured €2.5m (c.£2.1m) in funding from the European Innovation Council Accelerator (EIC).
The Germany-based firm says the funding not only validates its achievements to date but also drives it toward further development and expansion.
Twinsity has developed an AI-based automated inspection platform for large infrastructure assets, such as bridges, dams, and oil and gas refineries.
Aside from AI, the platform also utilises drone technology and and digital twins.
The firm says that, by harnessing the power of artificial intelligence and machine learning, its Twinspect platform can increase operational safety and efficiency, “providing customers with unparalleled insights and proactive maintenance solutions.”
Aside from winning €2.5m in funding, Twinsity has been selected by the European Union as an example of success in this area of innovation.
The EIC Accelerator serves as a springboard for breakthrough innovation, providing support to companies with ideas that have been identified as having “exceptional” market potential and the ability to “revolutionise” industries.
The 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.
Twinsity plans to use the funds to enhance its core technologies, accelerate research and development efforts, and expand its team.
Fabien Chalas, founder and CEO of Twinsity, said: “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.
“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.”
Theo Woik, managing partner of C3 Venture Capital, Twinsity’s first institutional investor, said: ”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.”
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