Cornwall, VT – Green Power Monitoring Systems, Inc. (GPMS), delivering next generation prognostic health management solutions for helicopters and rotating industrial equipment, is pleased to announce successful completion of its Seed Round funding by the Vermont Seed Capital Fund and a group of private investors.
The GPMS solution, known as Foresight™, is the first true prognostics health management system and is designed to reduce operational costs through advanced notification of impending maintenance requirements at a fraction of the weight of existing competitive options.
Harry Arnold, former VP Product Technology at Goodrich Corp., said, “The first and second generation HUMS reduce maintenance cost on rotary wing aircraft, primarily through rotor track and balance benefits. Foresight contains all of the traditional HUMS features of rotor track and balance, flight regime recognition, and fault detection. The three breakthrough capabilities of this system are its installed weight of less than 10 pounds, its prognostic ability and its simplified user interface. These are possible due to the advanced algorithms developed by GPMS over the last six years.”
“The GPMS solution is a third generation ‘Health Management’ system that delivers true prognostic capability to the line mechanic,” Arnold said.
GPMS will use the seed investment to complete FAA certification on the Bell 206 and 407 configurations, which are already underway, and to begin sales outreach to light and medium helicopter operators, manufacturers, maintenance services, and leasing companies.
The initial FAA certification is expected in December of 2016 with the next application anticipated closely thereafter.
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About Vermont Seed Capital Fund, LP
The Vermont Seed Capital Fund is a $5M for-profit, permanently revolving, early-stage risk capital fund professionally managed by the VCET Capital Corporation, a subsidiary of the non-profit Vermont Center for Emerging Technologies (VCET). Launched in May 2010, the Fund was created by the State of Vermont, which committed $4M. The VCET organization invested $1M into the fund with the support of US Senator Patrick J. Leahy. As of June 2016, the Fund has invested into twenty-one companies across Vermont. www.VermontTechnologies.com/capital
For further information, please contact:
VP Marketing, GPMS