Pulse Industrial, which develops wireless, smart monitors for industrial equipment, received $3.5 million CAD in a round of non-dilutive funding from Sustainable Development Technology Canada (SDTC).
Founded in 2018, Kitchener-Waterloo based Pulse uses artificial intelligence (AI) and Internet of Things (IoT) technology designed to improve safety and reduce fuel consumption in industrial plants. For its pilot product, Pulse is developing a system to remotely monitor steam traps, a crucial component of steam systems.
“[This funding] will provide critical support for Pulse as it begins to rapidly scale its sales and manufacturing activities.”
Pulse said steam traps are known to fault frequently, and undetected failures are one of the largest inefficiencies plants experience. The company’s monitoring process is done continuously and uses temperature, vibration, and ultrasound to generate an accurate reading. Once a failure is detected, maintenance staff are notified via email or text with information about the location of the trap, type of failure and cost-savings if fixed.
Backed by fresh financing from SDTC, Pulse intends to improve its data processing system to provide better analysis for steam trap leaks and prevent costly downtime on manufacturing and other industrial floors. The company was also a graduate of SDTC’s seed program.
SDTC’s commitment to Pulse is part of a cumulative investment of $52.3 million into 16 Canadian companies. Other recipients included in this group include Vancouver-based Semios, which uses data and AI to improve tree fruit and nut crops to use less water and reduce greenhouse gas emissions; Toronto’s FleetOps, which uses AI to create more efficient freight routes; and others.
According to SDTC, these companies were chosen for their excellence in developing and deploying new technologies with the potential to “transform the environmental and economic prosperity of Canada.”
Pulse previously raised $2.4 million CAD ($1.9 million USD) from the GreenSky Accelerator Fund III Momenta Partners, SOSV, Celtic House Asian Partners, and First Inflection. In 2018, it won $25,000 from the University of Waterloo’s 23rd Velocity Fund Finals.
“The support from SDTC is not only a welcome endorsement of the Pulse Industrial technology, but will provide critical support for Pulse as it begins to rapidly scale its sales and manufacturing activities,” said GreenSky managing partner Michael List.
Feature image source Pulse Industrial via website.