DiamondStream Partners, who led the Series A round in February 2021, also participated. The company raised US$7.3 million in the two rounds.
GPMS has developed proprietary technology that detect faults on complex machines. Its product, Foresight MX, integrates this technology into a health and performance monitoring system that provides predictive analytics needed for the maintenance of aircraft, other vehicles, and industrial machines.
Certified on wide range of rotorcraft
President of GPMS Jed Kalkstein said: “Hearst’s involvement, alongside DiamondStream, propels GPMS forward on our mission to make machine health monitoring ubiquitous. We’re excited to deliver its benefits to more machines – and more people.”
In the aviation segment, Foresight MX provides a predictive health and usage monitoring system. The system has now been certified by the US Federal Aviation Authority on a wide range of rotorcraft platforms from Bell, Airbus, and MD Helicopters.
Demonstrating the capability to adapt the system to other sectors, GPMS recently completed a government-funded demonstration project with AM General on US Army High Mobility Multipurpose Wheeled Vehicle vehicles.