13-Jan-2022 Source: GPMS
GPMS International, Inc. announced an investment by New York-based Hearst Ventures for its Series A-1 round. DiamondStream Partners, who led the Series A round in February 2021, also participated. The company raised $7.3 million in the two rounds.
GPMS has developed proprietary technology that’s key to effectively detect faults on complex machines. Its product, Foresight MX, integrates this technology into a comprehensive health and performance monitoring system that provides predictive analytics needed to ensure the safety, asset reliability, and maintenance efficiency of aircraft, other vehicles and industrial machines.
President of GPMS Jed Kalkstein said, “Hearst has outstanding expertise in SaaS business dynamics and a broad footprint in mobility and aviation. Their involvement, alongside DiamondStream, propels GPMS forward on our mission to make machine health monitoring ubiquitous. We’re excited to deliver its benefits to more machines – and more people.”
In the aviation segment, Foresight MX provides a predictive health and usage monitoring system to support a smart, connected fleet. The system has now been FAA certified on a wide range of rotorcraft platforms from Bell, Airbus, and MD Helicopters. The company offers Foresight both directly to operators and through OEM agreements.
Hearst Ventures Senior Managing Director Ken Bronfin said, “When we saw the technology and its ability to dramatically improve a helicopter’s availability, reliability and safety, it was clear that all rotorcrafts should have Foresight MX onboard.”
“At the same time,” Bronfin continued, “We saw the potential to bring this predictive maintenance technology to the new generation of electric vertical take-off and landing (eVTOL) aircraft and drones now in development.”
Hearst owns CAMP Systems, one of the aviation industry’s leading aircraft maintenance software services companies. Hearst Ventures has backed a number of SaaS mobility companies including Robotic Skies, Zendrive, Otonomo, Via and Maven Machines. Bronfin will join the GPMS board.
GPMS’ Foresight MX system is 90% lighter and seven times more accurate than traditional rotorcraft monitoring systems and adds a predictive Remaining Useful Life capability critical to asset optimization. These dramatic, patented advances make it ideal for the fast-growing eVTOL/unmanned aircraft systems (UAL) segment which needs flight and machine monitoring to enhance safety and lower operating costs.
Demonstrating the capability to adapt the system to other sectors, GPMS recently completed a government-funded demonstration project with AM General on US Army HUMVEE vehicles.