Shell acquires full ownership of Machinemax - Next gen AI startup
Shweta Saxena assumes MachineMax CEO role
London, June 24,2021
Shell has become the sole owner of MachineMax, acquiring the stakes held by MachineMax’ s two other investors - BCGDigital Ventures and B Capital Group – as well as the company’s two founders. MachineMax helps companies to maximise the profitability and efficiency of their off-highway fleets using smart sensors and next-generation analytics. MachineMax will continue to operate as a stand-alone organisation that benefits from being within Shell’s newly formed Sectors & Decarbonisation business, which consists of expert sectoral teams who will offer MachineMax solutions to mining, construction, manufacturing and agriculture customers globally.
Shweta Saxena, who is a co-founder and the current chief product officer for MachineMax, will take over the position of CEO from Amit Rai, the company’s other co-founder from June 30, 2021.MachineMax has operations based in London as well as Hyderabad, India, and already within three years of founding serves more than 70 customers across 30 markets in six continents.
“We see great potential forMachineMax to mature as a Shell Group business, given its innovative digital solutions can immediately help companies from many or our core customer sectors reduce their emissions and deliver cost savings – two factors under close corporate scrutiny” said Carlos Maurer, Shell Executive Vice President, Sectors & Decarbonisation. “I’d like to thank Amit for his tireless efforts in leading the business from pre-concept to a successful commercial reality. Shweta as the new CEO, with her detailed knowledge of customer needs and her network within Shell’s global businesses is ideally placed to grow MachineMax’s offer around the world.”
“Our growth to date has benefited from our connection to Shell and our access to the company’s extensive and experienced customer sales teams around the world,”said Shweta Saxena, CEO, MachineMax. “And MachineMax will benefit from Shell’s commitment to innovation as a key lever to help accelerate decarbonisation pathways as well as to R&D to grow solutions that customers need to help avoid and reduce their emissions.”
MachineMax offers a digital service that is designed for off-highway vehicles located anywhere in the world. It is powered by an easy to install wireless smart sensor that fits near the engine of any off-highway fleet vehicle. Using artificial intelligence machine learning, it quickly creates a unique machine signature to track vehicles, measure idling and generate other utilisation analytics. Cloud computing is used to deliver real-time data and analysis to operators and site managers with an easy to use interface that can help them optimise their fleet operations and preventative maintenance programmes.
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