Amsterdam, 12 April 2017: Today SET Ventures, together with Intel Capital and Innovation Nest, announces an investment of in total USD 4.9 million in Elmodis, an Industrial IoT (IIoT) startup based in Poland. The company will use the investment proceeds to scale production, increase development, and expand their commercial and technical team in Kraków, Poland.

Elmodis provides an integrated hardware and cloud based software solution that monitors the performance of industrial machines powered by electric motors in real time, based on electric parameters. Connected directly to machine’s electric motor, Elmodis’ solution detects malfunctions and calculates savings for optimal working conditions.

Elmodis’ solution helps Original Equipment Manufacturers (OEMs) reduce warranty repair costs and ultimately build better products. It also provides value to end-users such as plants operating in various industries, by helping them optimize their energy consumption and prevent failures from incorrect usage.

Contemporary monitoring systems based on vibration and temperature measurement technology have limited applications and can be expensive to install. By contrast, the Elmodis system, is easy to install, and can be applied to any existing or new machine powered by electric motor.

Elmodis’ technology taps into an expanding Industrial IoT (“IIoT”) market, which is estimated to reach USD 195.47 Billion by 2022. Investment activity in this space is accelerating, with 321 deals and USD 2.2 billion invested in IIoT startups in 2016, according to CB Insights.

Poland is currently Elmodis’ key market, but it is also working with Palo Alto based Electric Power Research Institute (EPRI) to introduce the technology to the US.

Rene Savelsberg (CEO, SET Ventures): “Machines are responsible for a very large part of electricity consumption in the industry. Elmodis provides unique data and insights that enable significant improvements of energy efficiency. As a fund, we are very excited about the possibilities of data-driven approach in this area.

Marcin Hejka (Vice President of Intel Capital and Managing Director of Greater Europe and India): “The exponential growth in the number of smart, connected devices and machines is generating a flood of data that is driving innovation and growth across industries. As new IoT technologies are implemented, smart factories are pumping out massive amounts of data to the data center and cloud that can be analyzed and acted on to generate financial and operational efficiency improvements. Within this virtuous cycle, we are investing in companies like Elmodis, whose Industrial IoT solutions have great potential to impact the way smart factories of the future operate. We look forward to working with Elmodis to bring its end-to-end solutions to a broader range of applications and accelerate adoption of IoT.

Marek Kapturkiewicz (Partner, Innovation Nest): “Elmodis is a company with a fantastic product and great potential. The fourth industrial revolution is not the matter of future, it’s here and already influencing many crucial processes in various industries. Elmodis is a part of this huge shift led by connected sensors and big data analytics techniques. Thanks to this investment, they will be able to continue growth in Poland and start venturing to foreign markets too.”

Artur Hanc (CEO and co-founder, Elmodis): “From the very moment when we started fundraising, we decided we wanted smart money in the round i.e. investors who understand our business and can make a difference with their support. I cannot imagine a better lineup of investors from that perspective for us now.

About investors

SET Ventures
Since 2007 Amsterdam-based SET Ventures has invested in European technology companies that impact the future of energy and the energy sector. SET Ventures focuses broadly on innovative energy generation, energy distribution and storage and energy efficiency. SET’s investment priority is for those ventures that develop software-based services, with or without hardware components, by SET Ventures defined as smart energy solutions. SET Ventures is currently invested in, amongst others, sonnen GMBH, energyworx BV and Luxexcell BV.

For further information please visit or contact:
Rene Savelsberg
M: + 31 6 22 938536

Intel Capital
Intel’s strategic investment organisation, backs innovative startups targeting computing and smart devices, 5G connectivity, cloud, datacenter, artificial intelligence, merged reality, automated driving, the Internet of Things, robotic technologies, immersive entertainment and semiconductor manufacturing. Since 1991, Intel Capital has invested US$11.8 billion in 1,473 companies worldwide, and 620 portfolio companies have gone public or been acquired.

For more information about Intel Capital, please visit or follow @Intelcapital.

Innovation Nest
Innovation Nest is an early stage VC Firm focused on B2B Software investments all around Europe. Started in 2011, out of Krakow, Poland currently holds 30+ companies in its portfolio including: UXPin, Picodi, Growbots and Estimote. The firm’s mission is to fund great teams based in Europe and help them grow and scale globally.

For more information please visit: or contact:
Chris Kobylecki
M: +48 502 403 637

For more information about Elmodis please contact Adam Komarnicki, Elmodis COO, at or +48 698 697 267