Brazil, August 7 2024 - AssetWatch, a leading condition monitoring and predictive maintenance organization, received an investment of US$ 1.9 million from Oxygea Ventures. The amount is part of the startup's Series B round, which totaled US$40 million.

A powerful partner for proactive maintenance and downtime prevention, AssetWatch offers end-to-end condition monitoring solutions for industrial rotating equipment. The startup uses sensors and AI-backed cloud-based software to detect and resolve issues in machines such as motors, gearboxes, pumps, fans, and compressors. The core of AssetWatch is providing exceptional service and prescriptive insights delivered by certified condition monitoring engineers that help manufacturers transform their maintenance programs.

"The Series B investment is a testament to the significant potential of predictive maintenance and our vision at AssetWatch," said Brian Graham, CEO of AssetWatch. "With the support of our incredible investors, we're poised to further accelerate our mission to transform the maintenance and reliability landscape across industries worldwide."

“We are very excited to support the exceptional team at AssetWatch in their mission to bring efficiency and productivity gains to global manufacturers through the simplification of the predictive maintenance process. We believe that AssetWatch is extremely complementary to Oxygea’s investment portfolio focused on Sustainability and Digital Transformation in the Industry, and we are confident that we can contribute to the startup’s success by opening doors throughout our ecosystem as well as supporting future internationalization efforts in Latin America,” comments Vitor Moreira, Managing Director of Oxygea.

"Partnering with Oxygea to close out our Series B round is a strategic fit for AssetWatch. Oxygea's commitment to digital transformation and sustainability complements our mission to revolutionize predictive maintenance. Their investment not only validates our innovative approach but also propels us forward in our quest to eliminate unplanned downtime and optimize operations for global manufacturers. We are excited to leverage Oxygea's expertise and network to drive further advancements in condition monitoring and to continue transforming maintenance and reliability teams from reactive to proactive. Together, we are poised to redefine the future of industrial operations." – Will Zell, Co-Founder and Chairman of the Board, AssetWatch.

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Oxygea empowering investments

The investment practice has been accelerating its pace, marking this as Oxygea's fifth deal in 2024. With an investment thesis focused on startups and technologies that address sustainability and digital transformation challenges in the industry, Oxygea Ventures takes another important step towards further strengthening itself as a partner to industries by promoting innovative sustainable technologies for growth. The opportunity arose through the partnership between Oxygea and Touchdown Ventures in international negotiations.

"The expertise of AssetWatch has great potential to improve the operational efficiency of various players in the industrial sector, including their respective supply chains. The application of this predictive technology undoubtedly reduces downtime and improves the allocation of resources for maintenance. This strategic move by Oxygea will help us find more partners for potential connections, aiming to develop the entire ecosystem," commented Artur Faria, CEO of Oxygea.

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The Round

Led by Wellington Management, a global independent asset management firm, the Series B round aims to accelerate AssetWatch's ongoing innovation, enabling the company to continue providing top-notch service and added value to its clients. Additionally, it will support business expansion, ensuring sustained delivery of excellent customer service and comprehensive, streamlined subscription services.

In addition to Oxygea, Series A investors, including G2 Venture Partners, Triangle Peak Partners, Standard Investments, Osage University Partners, and JobsOhio Growth Capital Fund, participated in the Series B round.

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About AssetWatch 

AssetWatch is a leader in predictive maintenance solutions, providing a rapidly deployable, end-to-end remote condition monitoring service. Their solutions eliminate unplanned downtime and optimize operations for global manufacturers by simplifying the predictive maintenance process through a network of wireless sensors and communication hubs, cutting-edge software, and condition monitoring engineers. By combining an AI-powered risk engine with the prescriptive insights of a certified expert, AssetWatch gives more than just the standard "pass/fail". They truly are a partner in the journey, helping change the culture of maintenance and reliability teams from reactive to proactive.

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About Oxygea

Oxygea is a Corporate Venture Capital and Venture Building vehicle dedicated to driving businesses focused on sustainability and digital transformation in the industry. The fund plans to invest US$150 million through CVC and venture building in startups concentrating on carbon neutrality, circular economy, energy transition, new materials, and digital transformation, covering Smart Factory, IoT, and the future of mobility. In addition to the invested capital, the brand aims to provide dedicated support to its portfolio and facilitate connections with the innovation ecosystem, mentors (such as scientists and PhDs), customers, and suppliers.