Internationalization, scaling and expansion of digital business
fos4X has concluded a growth financing (Series B) of 8.2 mn Euro (USD 10 mn). Equinor, formerly Statoil, strengthens the group of shareholders and underlines its own change of business model.
Starting position is profitable growth
Fiber optic sensor technology is the company’s nucleus from which the successful product business with its sensor platform fos4Blade was developed. fos4Blade is a modular measuring system to acquire different physical quantities of wind turbine rotor blades.
With the help of sensor data fusion, classical model-based methods and methods of machine learning, the software applications of fos4X calculate input variables for the control and operation optimization of wind turbines. These edge-computing solutions process the incoming raw data of the fos4X sensors and other system sensors on the turbine under safety-relevant conditions and feed into the turbine control.
So far, fos4X has applied for more than 100 patents around technology, sensors and applications. This makes fos4X an important driver of the digitalization of the wind energy industry. However, the solutions are also used successfully in other industries: For example, fiber-optic sensors are used for temperature measurement in electromobility.
In two years with a positive operating result and strong growth in the product business, the basis was laid for further international growth and the expansion of the digital business. This growth is to be supported by the completed Series B financing.
Equinor invests in sensor technology and digital competence
In addition to all previous investors (BayernKapital, Falk Strascheg Holding, High-Tech Gründerfonds, Unternehmertum Venture Capital Partners and Business Angels), Series B growth financing was supported by the new main investor Equinor. The Norwegian oil and gas group is investing heavily in offshore wind energy and has recently taken account of its new business orientation by changing its name from Statoil to Equinor.