fos4X closes €8.2M Series B growth financing
Internationalization, scaling and expansion of digital business
Munich, June 15, 2018 – fos4X has concluded a growth financing (Series B) of 8.2 mn Euro (USD 10 mn). Equinor, formerly Statoil, strengthens the group of shareholders
Sensor platform and digital business
Fiber optic sensor technology is the company’s nucleus from which the successful product business with its sensor platform fos4Blade was developed. fos4Blade is a modular measuring system to acquire different physical quantities of wind turbine rotor blades.
With the help of sensor data fusion, classical model-based methods and methods of machine learning, the software applications of fos4X calculate input variables for the control and operation optimization of wind turbines. These edge-computing solutions process the incoming raw data of the fos4X sensors and other system sensors on the turbine under safety-relevant conditions and feed it into the turbine control.
Starting position is profitable growth
fos4X supports all of the top 10 wind turbine manufacturers and has established fast growing series deliveries with some of them. So far, fos4X has applied for more than 100 patents around technology, sensors and applications. This makes fos4X an important driver of the digitalization of the wind energy industry.
However, the solutions are also used successfully in other industries: for instance, fiber-optic sensors are used for temperature measurement in e-mobility. Thales, Volkswagen, Daimler, Siemens, GE, Envision, Goldwind, SMS Siemag and many other international leaders in their industries are successfully using fos4X products.
With positive operating results and strong growth in the product business, the basis for further international growth and the expansion of the digital business was laid in recent years.
Equinor invests in sensor technology and digital competence
In addition to all previous investors (BayernKapital, Falk Strascheg Holding, High-Tech Gründerfonds, Unternehmertum Venture Capital Partners and Business Angels), Series B growth financing was supported by the new main investor Equinor. Equinor is a Norway based energy company with operations in more than 30 countries. As part of Equinor’s strategy to actively complement its oil and gas portfolio with profitable renewable energy sources, the company has developed a sizeable offshore wind portfolio.
