We’re delighted to have led Asseti’s Seed round, working with the team to realise their mission of building an AI-powered asset condition monitoring platform. Asseti is a game-changer in intelligent asset management, covering an expansive market of real assets. Its software platform utilises high-quality imagery and advanced machine learning to predict and prioritise asset needs. It monitors wear and tear, leaks, and potential hazards, thereby minimising downtime and maximising the lifespan of valuable assets. Asseti is quickly becoming the leader in condition management across the lifecycle of these assets.

Markets with tailwinds

You only need to look out your window to know that asset management is an expansive market. Imagine all the offices, stores, warehouses, quarries, properties and buildings around the globe—Asseti can be used with all of them, no matter where they are. Managing these real assets has traditionally been cumbersome and risky. Infrastructure demands regular upkeep to minimise downtime and ensure a safe operational environment.

Another market factor driving Asseti forward is the opportunity presented by digitisation. Historically, asset-heavy industries have lagged in digital transformation due to deep-rooted processes and legacy operations. However, recent drivers like COVID-19 and the push for sustainable practices have accelerated this shift. Predictive maintenance, which leverages data analytics and predictive modelling, has gained popularity for its ability to prevent unplanned downtime and costly repairs. Furthermore, the growing demands for sustainability have underscored the importance of reducing carbon emissions. Asseti meets these needs by enabling remote access to assets, thereby reducing travel and enhancing worker safety.

Products that change the game

Asseti’s platform uses high-quality imagery to create detailed 3D digital models. Machine learning and AI analyse these models to comprehensively list components, quantities, conditions, and issues. This empowers managers to create detailed work plans for their asset portfolios, assessing them in risk and cost.

Traditionally, engineers or staff would climb structures, take inadequate photos with digital cameras, write reports, and circulate them as PDFs. Asseti captures this condition data over time, giving asset managers and senior management a complete overview of their portfolios’ condition across different time periods.

By moving costing and forecasting from Excel to a dynamic, data-driven platform, Asseti provides primary data and insights across the asset lifecycle: acquisition, operation, and disposal.

Their newest innovation, Asseti Foresight, revolutionises capital expenditure (CapEx) planning in asset management. Powered by AI, it forecasts total replacement lifecycles and maintenance costs across entire asset networks, optimising intervention timing based on degradation and financial modelling. This tool streamlines long-term financial planning, offering strategic insights for future expenditures.

The next stage for Asseti is instant asset assessment through satellite imagery, offering more frequent evaluations.

Founders that hustle

Founder Aonghus Stevens, with 15 years of experience in the drone imagery industry, leads a stellar team with members from notable companies like NearMap, Commbank, and Deloitte.

Being a solo founder demands resilience, focus, drive, a clear vision, and problem-solving skills—Aonghus exemplifies all of these qualities and more. By being data-obsessed and focused on providing solutions that offer asset owners and managers insights over the entire asset lifecycle, not just at a single point in time. He believes the future of asset management lies in data-led decision-making, envisioning data use decades into the future.

A compelling business model

Every building and structure is a potential asset that Asseti can assess and help manage. Asseti’s model not only reduces time and risk but also provides asset owners with a detailed view of their asset’s condition over time. This understanding of condition data over time then allows Asseti to offer detailed insights into CapEx planning and affords them the right to influence both the acquisition and disposal stages in the asset lifecycle. Asseti also owns the primary condition data of the building, which can be transferred to a new owner of the building, almost like a system of record for an asset.

On top of its existing traction, Asseti’s latest functionality to drive CapEx planning and spending involves more teams and stakeholders across its customer base, including finance and executives. This enables the platform to be an indispensable part of their customers’ businesses. This transition will lift these teams out of spreadsheets and into Asseti, similar to what Orkestra has achieved in the solar and battery space.

The Seed phase and beyond

Asseti is in its Seed Phase, having demonstrated strong product-market fit. It is already trusted by industry leaders such as Mirvac, CBRE, Caltex, Colliers, and Toyota. Asseti has achieved remarkable growth of 200%+ year over year and is poised for continued growth in its expansive addressable market.

The Asseti team is looking to enhance its product and engineering capabilities, specifically focusing on scaling its software offering. Driven by their initial success in the market, they are also keen on expanding in the US and are excited to introduce new AI-driven features for instant asset condition insights—a true game-changer in the industry!

If you’re a visionary founder ready to make waves, please reach out via our website.