AI Predictive Maintenance Company GPMS Closes Series A Funding Led by Mobility Transformation Investment Firm DiamondStream Partners
Investment will enable GPMS to capitalize on market demand for Foresight MX, the company’s remote monitoring and predictive maintenance system for VTOLs and other complex machines
March 9, 2021: GPMS International today announced the close of a Series A financing round led by Seattle-based investment firm DiamondStream Partners.
Founded by Dr. Eric Bechhoefer, one of the world’s foremost experts in machine condition monitoring, GPMS has developed proprietary technology key to effective fault detection on complex machines. Its product, Foresight MX, integrates this technology into a comprehensive monitoring solution that provides coverage of machine health and operator activity. The system's predictive analytics help ensure safety, asset reliability and availability.
“We are excited to announce our Series A funding,” said Jed Kalkstein GPMS’s President. “GPMS has a market-leading solution for complex aircraft, vehicles and rotating equipment where there is a high cost or consequence of unplanned downtime. This funding will help us accelerate our progress in the rotorcraft market and expand to adjacent industries.”
In the rotorcraft segment, Foresight MX provides the industry’s first true predictive health and usage monitoring system to support a connected fleet. The system was developed and field tested in collaboration with Duke Energy’s aviation department. GPMS holds FAA certifications that enable it to support new aircraft as well as the aftermarket where an estimated 80% of aircraft remain unconnected. The company offers Foresight both directly to operators and through OEM agreements with Bell Flight and others that are currently in stealth mode.
GPMS’ Foresight MX system is 90% lighter, 7X more accurate than traditional systems and is, for the first time, truly predictive. These dramatic, patented advances make it ideal for the fast-growing eVTOL / UAS segment, which needs flight and machine monitoring to enhance safety and lower operating costs. GPMS recently signed an agreement with eVTOL leader BETA Technologies and is in discussion with multiple other market leaders for eVTOLs and drones.
The company is also completing a government funded demonstration project with AM General on US Army HUMVEE vehicles, part of the armed services Prognostic and Predictive Maintenance (PPMx) program for ground vehicles.
Brian Flynn, Managing Director at DiamondStream Partners, said “GPMS’s next generation hardware and software can provide tremendous benefits to safety, reliability, and operations in the current rotorcraft market. Beyond that, the technology underpinning Foresight MX has tremendous potential in other markets. We’ve seen how the system can be quickly adapted for ground vehicles, heavy equipment, and other machines that have a high cost and consequence of downtime and where their complexity and multitude of operating modes makes ‘big data’ modeling ineffective.” He is joining GPMS’ Board of Directors.
DiamondStream Partners was joined in the financing by several other industry insiders and investors.
GPMS International, Inc. offers a next generation, predictive Health and Usage Monitoring System (HUMS) designed to give rotorcraft and other operators of complex equipment the power to “Know it before it matters.” Its flagship Foresight MX solution provides Machine Condition Monitoring, Rotor Track and Balance, and Helicopter Flight Data Monitoring in one powerful system. Fully predictive, Foresight offers insights needed to optimize maintenance, safety and operations. GPMS has re-engineered the HUMS category to put its advantages within reach of every operator, making all helicopters smarter and more connected. To learn why today’s fleets depend on Foresight, visit https://www.gpms-vt.com.
About DiamondStream Partners
DiamondStream Partners is a private equity firm that has recently launched its second fund - DiamondStream Partners II, a vertical thematic fund focused on mobility transformation with advanced aerial mobility at the center. DiamondStream Partners is building the leading investment institution devoted to creating the next generation mobility ecosystem and the Fund’s core thesis focuses on investing in companies with attractive valuations and solid growth prospects in existing markets that have potential for accelerated growth from new technology trends. The Fund's Managing Directors have nearly 50 years of combined investing and operational experience across aviation, automotive, and other industries.