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E78: The Story of Proaxion and Hardware as a Service (HaaS)
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Proaxion is transforming the industrial workplace at the intersection of technology and teamwork with IOT sensing solutions for rotating manufacturing equipment to maximize industrial uptime. CEO Eric Murray explains Proaxion's innovative predictive maintenance strategy. ProAxion is transitioning to a 'Hardware as a Service' subscription model from their existing SaaS model, which features state of the art networked digital sensors, simplified software adoption and sophisticated cloud analytics to drive exceptional machine health to avoid unplanned downtime. While facing multiple challenges during the pandemic and the ensuing supply chain contraction, Proaxion has set the stage for growth with 29% YoY growth in subscription revenue for 1H 2023 and a successful funding round as they roll out their state of the art Gen5 sensor and invest in further software development.
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