PGNiG Group & Tangent Line invest in ReliaSol
PGNiG Ventures, the corporate venture capital fund of the PGNiG Capital Group and Tangent Line Ventures, have invested in Reliability Solutions. The total investment value amounts to EUR 2 million, split 50%:50% between the investors.
PGNiG Ventures is a corporate venture capital fund owned by the PGNiG. Its interests include companies with unique products or services, knowledge, business model and a strong management team that strive to be leaders in their markets. The PGNiG fund is interested in companies with unique products and services that can be used in the energy and exploration and production industries.
Tangent Line Ventures is a venture capital fund, backed by the largest Polish fund-of-funds – PFR Ventures. Tangent Line Ventures invests in European hard tech and deep tech projects, with particular focus on industry 4.0, advanced materials, sustainable solutions, health and life science projects, as well as AI-driven solutions for industrial applications.
The investment follows a successful project of ReliaSol at PGNiG Termika for predictive and analytical models for a new gas boiler. The implemented solution as part of a pilot enabled the detection of anomalies with 100% accuracy on the test set.
Parties are proud to partner in their mission to revolutionize the industry via AI.
“We have invested in Reliability Solutions because we know the importance of collecting, analyzing and using data, to make the most optimal decisions for the development of the industry. As one of the few funds in Poland, we have tools and a team that are able to assess the potential of this type of project and effectively support further development. The solution offered by the company is implemented in subsequent companies from the industrial sector, which is the best proof that it brings real business benefits to customers. We hope that other companies from the PGNiG Group will be able to find out about it and we hope that another promising company has been added to our portfolio – says Małgorzata Piasecka, President of PGNiG Ventures.
“The platform offered by Reliability Solutions allows you to remotely monitor the status of all devices in real time and predict the type, time and place of potential failures. The solution also allows you to identify the source of the unwanted event and provides recommendations that avoid its consequences. The technology is already successfully used in many large industrial plants and has also been tested during a pilot at PGNiG Termika, generating real savings and increasing safety. We are convinced that Reliability Solutions has great growth prospects ahead of it, and the innovative solution offered by the company will be widely used in industry, including companies from the PGNiG Group – says Arkadiusz Sekściński, Vice President of the Management Board of PGNiG for Development.
“Reliability Solutions presented an interesting investment opportunity for Tangent Line Ventures, as it is one of the few leading companies on the global market to offer truly unique predictive and prescriptive maintenance solutions for industrial customers. At Tangent Line Ventures, we are constantly looking for projects with strong value offering and high potential for growth. The Reliability Solutions’ team proved to be successful in building a strong competitive advantage of its products and now focuses on their commercialization. These were the key decisive factors for our investment. We believe that Reliability Solutions will contribute to an increased efficiency in multiple industries and thus to a more sustainable future.” – says Piotr Pietrzak, Founding Partner at Tangent Line
“Reliability Solutions’ mission is to transform the approach to machine maintenance. The solution developed by us, using artificial intelligence, draws conclusions from production data in a way that is unattainable for humans. Thanks to this, RSIMS allows our customers to eliminate 30% of failures and unplanned downtime, but above all to increase production efficiency by 15% – says Piotr Lipnicki, CEO reliability Solutions. – Our adventure with PGNiG began with a pilot for one of the PGNiG Termika plants. The commitment and openness of the team allowed us to develop our solution and achieve unprecedented results. We are convinced that cooperation with PGNiG Ventures and TangentLine will bring us the opportunity to develop by implementing our technology on a large scale and gaining experience alongside an innovator in the energy industry, which is PGNiG – adds Piotr Lipnicki.
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