VYN announces Strategic Partnership with ENGIE
- Leading international energy and services Group ENGIE becomes strategic investor in VYN
- VYN technology will provide ENGIE with new ways to engage with its assets and operations, through the application of cutting edge video and AI technology
- VYN and ENGIE will collaborate to develop custom data collection and analytics solutions in support of ENGIE’s focus on improving energy efficiency
- Strategic partnership underlines the groundbreaking role digital technology can play in improving processes in industry
London, November 12th – Vyntelligence (VYN), the video and data analytics technology Group, today announces a strategic partnership with ENGIE New Ventures, the innovation investment arm of ENGIE (ENGI:FP), the leading international energy and services Group. Under the terms of the partnership, ENGIE New Venture will become a minority investor in VYN.
VYN is a leading technology business focused on data capture through smart video. Headquartered in London, UK, VYN’s smart video technology is deployed to help industrial companies gain greater visibility and insights over their assets and operations, by empowering field engineers to create smart video reports directly on site. VYN’s artificial intelligence (AI) technology helps businesses efficiently interpret, analyze and act on its data insights.
In addition to the investment, VYN and ENGIE will collaborate on a technical and commercial partnership to develop custom data collection and analytics solutions that support ENGIE’s focus on sustainability and the energy transition. This will leverage VYN’s field intelligence capabilities and ENGIE expertise to deliver improved sustainability and asset performance services for ENGIE clients on their real estate portfolio and infrastructure.
With this collaboration and access to ENGIE’s customers, VYN aims to expand its product offerings and reach a larger market of commercial customers.
Hendrik van Asbroeck, Managing Director, ENGIE New Ventures, said:
“Our investment in Vyntelligence aligns with ENGIE's strategy to digitize our activities by adopting innovative solutions across our various energy service businesses. Rich data collection and application of AI techniques will enable use cases in predictive services and intervention that can add substantial value across our clients and assets”
Sebastian Vinant, Project Director of ENGIE’s New Business Factory’s ‘Building as a Service’ Program (BaaS), said:
"Field engineers are at the core of our energy activities, Vyntelligence empowers them with innovative applications providing increased efficiency and accuracy of data capture along with an enhanced customer experience through greater visibility. Augmented intelligence in the service chain is one of the building blocks in the new business models that we are developing for the upgrade, operations and maintenance of sustainable buildings.”
Kapil Singhal, CEO of VYN, said:
“ENGIE’s leadership in applying digital tools to its service industry activities makes it an ideal partner as we move into this next phase of growth. Our clients across telecoms, manufacturing, utilities and service sectors have found Vyntelligence saves cost, increases revenue and enhances customer experience with simple and fast changes to their field workflows.
As we look to grow and enter new markets, this investment and strategic partnership accelerates our efforts to deliver a robust platform and develop an ever expanding list of services across different industries.”
Vyntelligence accelerates digital transformation of paper & form based field processes with its patented & AI powered SmartVideoNotes technology and has already delivered proven results for large clients in the telecom, manufacturing, energy and utilities industries.
About ENGIE New Ventures
ENGIE New Ventures (ENV) is the corporate venture arm of ENGIE, the global energy and services provider. ENGIE is committed to lead the energy revolution, towards a more decarbonized, decentralized and digitized world. ENV is a €180 million fund focused on making minority investments in high-performing startups. ENV has deployed €121 million of capital across 24 investments. Portfolio companies include: Advanced Microgrid Solutions, Airware, Gogoro, kWh Analytics, Opus One Solutions, StreetLight Data, Sigfox, Redaptive and Vyntelligence. ENV's offices are located in Paris and San Francisco. For more information, please visit: www.engieventures.com.
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