April 3, 2020
Technology, Industrials and Industrial Technology
GCA Altium advises Screening Eagle Technologies on a CHF 55m capital increase
GCA Altium has advised Screening Eagle Technologies, a cloud-based technology platform connecting sensors, software, and data for intelligent inspection of assets and infrastructure, in its first institutional round of equity funding, raising CHF 55m. The funding round was led by a prominent Swiss family office with participation from EDBI, a global Asia-based investor, and other high-net-worth individuals.
Screening Eagle is on a mission to protect the built world. Roads, bridges, buildings, energy and transportation assets form the backbone of public safety and economic development – and massive economic value is at risk from aging global infrastructure and construction defects in new assets, due to inadequate inspection and maintenance. Screening Eagle is pioneering the USD 68bn Inspection Tech industry, bringing together talent to build digital-first, intelligent inspection solutions that secure an AI-powered future of long-term sustainable assets and infrastructure for the public and the asset owners.
The funding will accelerate Screening Eagle’s growth trajectory with new product development, talent acquisition, and M&A.
Screening Eagle’s ecosystem is disrupting the traditional non-destructive testing (NDT) market with cloud-connected devices and real-time analytics software that scale with mobile computing. Subscriptions are growing at triple digits as Screening Eagle’s customers benefit from lower cost of hardware ownership and continuous state-of-the-art performance via over the air software performance updates. For service providers or asset owners, the Eagle Platform connects all inspection data in one place, while Eagle Inspect, the world’s first project management and workflow software tool dedicated to field inspection, due to roll out later this year, provides end-to-end digital records, AI-assisted condition assessment and automated reporting.
Screening Eagle Technologies is a merger of two Tectus Group founded and funded companies – Dreamlab, a Singapore-based software and robotics company, and Proceq, a Swiss-based NDT company with a 65+ year heritage as a market leader in portable sensors. The fragmented NDT industry needs digitization and consolidation – Screening Eagle intends to acquire, partner and expand in end markets from buildings and infrastructure to energy and aerospace, connecting more sensors to its software platform to accelerate its pursuit of data-driven inspection and predictive asset healthcare.
Marcel Poser, co-founder and CEO of Screening Eagle, said: “Our motto is to explore, challenge, and create. We are exploring the limits of physics and the promise of AI; we are challenging traditional asset inspection and maintenance to create a company with a purpose – to protect the built world with software, sensors and data. We are pleased to welcome new partners who share our mission. Let’s dream big, build once, and ensure sustainable infrastructure for the generations to come.”
Bruno Valsangiacomo, Chairman of Screening Eagle and Tectus Group, added: “We founded Screening Eagle within the Tectus Group as the culmination of 75 years of experience in infrastructure, construction, engineering, and technology. Screening Eagle is defining the next frontier of asset inspection and maintenance. Our new investment partners add diverse expertise and growth capital to scale our operations and pursue mergers and acquisitions.”
Chu Swee Yeok, CEO & President of EDBI, said: “Screening Eagle is a market leader in the inspection industry and is well-positioned to capture digital transformation opportunities in an industry ripe for disruption with the adoption of AI-enabled solutions and advanced robotics technologies. EDBI is pleased to be their partner in Asia as they amplify their Singapore operations to develop advanced software solutions that will help the built environment industry achieve significant productivity gains.”