Year Invested

2018

Country (HQ)

United States

Stage

Exit (Acquired)

An end-to-end IIoT platform for operational safety monitoring and risk prevention in critical infrastructure sectors

Company Description

sensemetrics is a leading IIoT innovator and cloud technology company recognized for connectivity and industrial sensor data advancements – bringing active risk management and safety solutions to infrastructure, construction, mining and utility markets – by transforming sensor data into real-time business intelligence and insights.

The Company’s enterprise-level end-to-end IIoT platform solution transforms industrial sensor data into real-time situational awareness, powering active risk management and safety solutions. The outcome is a reduction in infrastructure cost, improved asset utilization, higher operational efficiency, and increased safety.

The sensemetrics platform is manufacturer agnostic, supporting a wide range and growing number of sensors, geo-instrumentation and devices. In addition, the platform includes productivity, modeling and analytics applications and API’s are available to developers enabling customized workflows and visualizations.

Based on the concept of Connectivity as a Service (CaaS) and Software as a Service (SaaS), the sensemetrics solution provides global leaders from the mining, civil & geo engineering, transportation, energy and utility industries with the necessary backbone to intelligently consolidate legacy and new sensor systems rapidly and cost effectively into a scalable solution.

In May 2021, sensemetrics was acquired by publicly listed Bentley Systems (Nasdaq: BSY), the leading infrastructure engineering software company. Post-acquisition in 2021 sensemetrics has been operating as IoT Infrastructure division within Bentley.

X2 Backing

X2|E partnered with sensemetrics in 2018, provided growth financing and actively supported the Company as lead investor during the development and implementation of an integrated end-to-end IIoT platform strategy (including IIoT hardware, cloud technology and software applications), supported by a vertically oriented go-to-market approach with a major focus on infrastructure and mining.

In particular, X2 provided strategic and complementary operational support in the following areas:

  • New strategy development and implementation in close cooperation with Founder / CEO in conjunction with dedicated financing / funding (key strategy milestones)
  • Active support role during the design, development, and market launch of new THREAD and STRAND IIoT Connectivity Hardware Series (8mo from design over prototyping, certification to market launch) – further supported by X2 partners (design / prototyping)
  • Delivered new global supply chain for sensemetrics IIoT connectivity hardware products (THREAD/STRAND) from PCBA to final assembled and packaged devices with X2 partners and affiliates in Germany and Asia
  • Strategic key account support (EU based customers and OEM partners)
  • Support during exit-process with strategic Nasdaq listed buyer (due-diligence and negotiations)
Segment

HardTech

IIoT Connectivity Hardware

Software

IIoT Platforms (Vertical IoT)

Industries

Critical Infrastructure
Infrastructure
Energy & Utilities
Transportation