The South Korean industrial AI startup, OnePredict closes its Series C round of funding of KRW 30 billion ($25 million). New investors including LB Investment, Korea Development Bank, DAOL Investment, Shinhan Bank, KB Securities, LG Energy Solution and GS Power participated in the funding round along with previous investors – Stonebridge Capital and Atinum Investment.
The 2016-founded industrial AI-based software solution company will use the fund to strengthen its position in the domestic market while expand globally. OnePredict will further use the new funding to advance its solutions and establish global partnerships to strengthen competitiveness in global markets in North America, the Middle East and Southeast Asia. The company offers digital twin solution, GuardiOne, which provides a high-accuracy diagnosis of the health status of various key industrial facilities and predicts failures in advance through its unique algorithm, and has recently launched its GuardiOne Motor solution, which comprehensively manages the condition of industrial motors.
Earlier the company has raised a total of KRW 49 billion in two different funding rounds – KRW 4 billion and KRW 15 billion in 2019 and 2020 respectively. This has broken the biggest investment record in the domestic industry.
Ethan Lee, Chief Operating Officer of OnePredict, states, “The Series C funding is the result of proving the effectiveness of our solution applied to various industrial sites, and a testament to our customer’s trust in our potential. As we have had an edge in various indicators so far, we will do our best to leap into being a global unicorn as an industrial AI company representative.”
Seongin Oh, Chief Executive Officer of LB Investment, who led this investment, remarks, “OnePredict’s predictive maintenance technology has demonstrated differentiated capabilities based on its overwhelming technology. Now, it is expected that its AI solutions will lead the digital transformation of the global energy and manufacturing industries.”
