Lithuanian Viezo raises investment on its IOT solution for railways
The Vilnius-based startup Viezo which develops an autonomous IoT solution for monitoring railway wagons’ wheel sets has raised an undisclosed amount of investment. The round was co-led by Rockstart joined by CoInvest Capital, and 7 LitBAN angels.
- Established in 2018 Viezo offers a vibration energy harvester embedded with savvy sensors and data analytic algorithms to identify wheel and bearing problems, informing the wagon owner about expected maintenance. Its technology can convert vibrations into usable electricity, therefore powering sensors indefinitely which are deployed on vibrating, dynamic machinery.
“Originally, the plan was to deliver the energy harvesting technology to manufacturers of sensors. Due to the corona crisis, companies shifted their budgets from Research & Development to staying alive, so we started making our own sensor,”Donat Ponamariov, CEO of Viezo says.
- The sensor is fully autonomous and self-powered, no battery changes or replacements are needed. It can be installed on for example rail tracks, switches, or the bottom part of a train.
- The fresh round was led by Amsterdam-based early-stage investor Rockstart which empowers purpose-driven founders across three domains: energy, agrifood, and emerging technologies. In November 2022 it co-led the round for Bratislava-based food tech startup Peelo to accelerate the company’s development.
- Lithuanian VC fund CoInvest Capital also joined the round. Recently, it co-led the €500,000 round for Lithuanian startup Repsense.