Swedish startup IPercept bags €5 million to transform machine efficiency through its predictive AI platform

Stockholm-based industrial technology company IPercept has raised €5 million to scale the delivery of its predictive AI platform for maintenance and production teams in order to accelerate their expansion into European manufacturing hubs, scale customer deployments, and grow its team.

The funding round was led by Luminar Ventures, with participation from RunwayFBU, Backstage Invest, AI.Fund, and existing investors, including J12.

“We’re building applied AI to enable the true change-makers of industry – the people on the factory floor. Europe remains a manufacturing powerhouse, yet we continue to lose value by underutilising the resources we already have. The AI revolution came at exactly the right time for IPercept: with our unique operational data stream and curated domain knowledge, we’re turning untapped potential into new levels of efficiency,” says Karoly Szipka, Founder & CEO of IPercept.

IPercept was founded after five years of research at the Royal Institute of Technology in Stockholm, developing a patented data collection and analysis method that reportedly enables manufacturers to monitor machine health without requiring complex system integrations or cybersecurity risks.

IPercept argues that unlike traditional predictive maintenance solutions, their predictive AI platform collects and analyses machine data without modifying existing infrastructure, delivering rapid deployment and actionable insights within “days of implementation“.

Since launching commercially in 2022, IPercept has delivered its solution to over a dozen of European manufacturers, including Scania, Volvo, Bosch, Toyota, Epiroc, and Konecranes, all while maintaining a reported 100% customer retention rate.

Its technology claims to enable companies to enhance uptime, increase productivity, and improve product quality with minimal setup and rapid deployment.

“The team at IPercept has shown exceptional vision and execution. Their predictive AI platform is set to play a crucial role in reshaping industrial machine efficiency, and we are excited to support them as they scale,” says Magnus Bergman, Founding Partner at Luminar Ventures.

According to data provided by IPercept, manufacturing industries face a €1 trillion annual productivity loss due to machine downtime, inefficiencies, and quality losses. Many existing solutions require costly integration efforts, making it difficult for manufacturers to access high- quality machine data. At the same time, a growing skills shortage is leaving production and maintenance teams with fewer experienced technicians and widening knowledge gaps.

IPercept’s predictive AI platform looks to fill this gap with their platform, ensuring manufacturers can improve efficiency, reduce unplanned downtime, and optimise production quality – while also equipping teams with fact-based insights to simplify machine decision-making and enhance safety.