EDP Ventures strengthens its portfolio with bet on Israeli AI company

  • ECO News
  • 26 March 2019

EDP Ventures, the venture capital subsidiary of the Portuguese energy giant, EDP, decided to invest in Presenso, an Israeli AI company focused on predictive maintenance of industrial assets.

EDP Ventures has decided to invest in the Israeli company Presenso, a provider of Artificial Intelligence driven Predictive Maintenance for industrial assets, it was announced today. The value of the investment, however, was not revealed.

According to the official statement published on the Israeli company’s website, the investment will support a strategic partnership between EDP and Presenso, aiming to accelerate Industry 4.0 adoption in the utility sector.

“We are excited about joining Presenso, and we hope that working with this company will make us stand in the forefront of the industry analysis field”, EDP Ventures’ executive director, Luís Manuel, said.

“In the last year, Presenso has added leading industrial organizations to its client roster. We are pleased that EDP recognizes the potential of Presenso’s approach to Predictive Maintenance based on Automated Machine Learning or AutoML. We look forward to expanding our global presence as more industrial plants start realizing the value of reducing unplanned equipment downtime and increasing production yield rates and revenue.” said CEO Eitan Vesely on his company’s press release.

At the moment, EDP Ventures’ portfolio is managing around €70m in investments, and it has focused mainly on disruptive technologies, in areas connected with renewable energies, smart wires, energetic efficiency, electrical mobility and cybersecurity.