Continental invests as Israeli co FeelIT raises $8m

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The Tel Aviv-based Industry 4.0 company provides predictive maintenance solutions for industrial equipment and machinery based on proprietary hardware sensors and dedicated algorithms.

One of the world's largest Tier-1 car industry suppliers Continental has invested in the Israeli Industry 4.0 start-up FeelIT. The Tel Aviv-based company provides predictive maintenance solutions for industrial equipment and machinery based on proprietary hardware sensors and dedicated algorithms.

The companies have agreed not to disclose the amount of the investment, which was part of an $8 million financing round completed by FeelIT.

Continental said that FeelIT has developed a structural sensing technology that is up to 50 times more sensitive than current standard market applications. Feelit uses printed, nanomaterial-based, fully integrated sensors and cloud analytics to enable live, remote feedback on structural and performance changes in equipment. The sensors can be integrated into battery cooling systems for electric vehicles to optimize battery life and range.

Continental also sees additional potential for remote condition monitoring and predictive maintenance applications for its industrial hoses for the food and beverage industry, for hydraulic and energy solutions complying with safety requirements, and for avoiding unplanned and costly downtimes in manufacturing.

Continental executive board member Philip Nelles said, "The investment further paves our way toward digitalization and brings with it multiple strategic benefits. Sensor integration into both new and existing product lines supports our ongoing transformation toward smart and sustainable solutions beyond rubber. Products such as hoses will be turned into sensitive detectors and provide real-time information about their condition."

FeelIT was founded in 2017 by CEO Dr. Gadi Konvalina and CTO Dr. Meital Segev-Bar.

Published by Globes, Israel business news - en.globes.co.il - on July 12, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Auto-tech Photo: Shutterstock
Auto-tech Photo: Shutterstock
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