How EFSI benefits SMEs in Europe - SET Ventures case study: Elmodis (Poland), Industrial machinery (monitoring devices)

Elmodis is a Polish company based in Krakow that offers an integrated hardware and software solution to monitor the performance of industrial machinery such as conveyor belts, cooling fans, pumps and compressors.

The company’s Plug&Play diagnostics devices extract key machine condition and performance data based mainly on current and voltage measurements, analyse it on the edge and then send to a cloud-based platform for further analysis. Clients receive immediate insights and risk notifications, allowing them to prevent malfunctions and optimise the operating or energy efficiency of the machinery. “Many machines work outside of their optimal parameter range, which may increase the risk of breakdowns and the consumption of reactive power. This is detrimental to the grid and costly. Nowadays, the industry rarely has detailed enough data to make decisions to mitigate these risks. That’s where we come in.” explains Adam Komarnicki, Chief Operating Officer at Elmodis.

This patented technology can detect early signals leading to malfunctions, which enables clients to apply predictive maintenance and save precious time and money on repairs. The machines are monitored 24/7 and reports can be customised to the specific needs of a client.

As Adam explains, “When we developed our technology, it was very difficult to make it a product. With time, as the Internet-of-Things tools and technologies have evolved, along with the ability to manage big data, this has changed.” In March 2017, Elmodis sought financing to support an increase in production volumes and expansion of the team, and secured it through SET Ventures, an EIF backed venture capital fund, who invested in the company. As René Savelsberg, CEO of SET Ventures, says: “It is a sector in its infancy, and we see potential in Elmodis to become a major player in the market.”

Company: Elmodis (Poland)

Type of business:  Industrial machinery (monitoring devices)

EIF financing:   InnovFin Equity, EFSI

Financial intermediary: SET Ventures

For further information abiout EIF intermediaries in Poland please refer to: http://www.eif.org/what_we_do/where/pl