I-care Group Revenue, Valuation, Funding & Investors

I-care Group is valued at $1.2B as of December 2025, a 10.2x multiple on its last reported $115M revenue.

Last I-care Group valuation

$1.2B

Undisclosed stage · Dec 2025

Last I-care Group funding round

$24M

Undisclosed stage · Dec 2025

I-care Group revenue

$115M

Undisclosed stage · Dec 2025

Key investors in I-care Group

  • Noshaq
  • S.R.I.W.
  • CPH Banque
  • Invest Mons Borinage Centre
  • Amerigo Fund

I-care Group Overview

About I-care Group

I-care Group is a Belgium-headquartered leader in predictive maintenance for industrial equipment. Founded in 2004, it monitors hundreds of thousands of machines using AI-powered platforms with open APIs across 55 countries. Employing over 1,000 staff in 36 offices spanning Asia-Pacific, EMEA, and the USA, the firm has won awards like the 2025 Reliability Conference Solutions Award and Hannover Messe Factory Innovation Award.


Founded

2004

HQ

BelgiumMons

Status

Privately held

Customer focus

B2B

Revenue model

Services, Subscription

Revenue

$115M (Dec 2025)

Valuation

$1.2B (Dec 2025)

I-care Group Valuation

I-care Group is currently valued at $1.2B, based on its undisclosed-stage round in December 2025.

I-care Group's valuation has grown 1.8x from $637M at its Series C in September 2022 to $1.2B in December 2025, across 2 priced rounds.

I-care Group valuation by funding round

Revenue multiple
I-care Group valuation by funding round
DateStageValuationRevenue Multiple
Dec 2025Undisclosed stage$1.2B10.2x
Sep 2022Series C$637M-

I-care Group Revenue

I-care Group's latest recorded revenue is $115M, as of its undisclosed-stage round in December 2025. At a $1.2B valuation, that implies a 10.2x revenue multiple.

I-care Group revenue by funding round

I-care Group revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Dec 2025$115M$1.2B10.2xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

I-care Group Funding History

I-care Group has raised a total of $88M across 4 funding rounds.

I-care Group's first fundraising round was a $49M Series C in September 2022. The most recent completed round was a $24M undisclosed-stage round in December 2025.

I-care Group funding rounds

I-care Group funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2025Undisclosed stage-$24M$1.2BI-care Group, a Belgium-based predictive maintenance company headquartered in Mons, specializes in AI-driven solutions including wireless sensors, the Wi-care as a Service subscription model, and the I-see AI platform that monitors over 150,000 sensors to anticipate equipment failures. Over two decades, it has grown from a local venture into an international group with 36 offices across 16 countries in Asia-Pacific, EMEA, and the US, employing more than 1,000 people. The company has pursued aggressive expansion through eight acquisitions in the past eight years, integrating firms outside Belgium, and invested heavily in R&D, AI, and an Industry 4.0 manufacturing facility capable of producing up to 2,000 sensors per day. On December 20, 2025, I-care completed a €20 million ($23.2 million) fundraising and refinancing round reserved for existing shareholders and employees, achieving a post-money valuation of €1 billion ($1.16 billion) and unicorn status. This transaction follows the 2022 'Eau Rouge' operation and marks the first phase of a three-phase growth plan to accelerate market share, with phase two in 2026 targeting external investors and phase three involving a postponed IPO. The round values the company at €1 billion, with equivalent USD figures reported across sources. At the time of the round, I-care reported consolidated annual revenue exceeding €100 million ($116 million), an order book over €200 million ($232 million), and strong momentum from new-generation sensors and subscription services. The predictive maintenance sector is growing at double-digit rates globally, positioning I-care as a leader following years of strategic investments in technology and production capacity.
Oct 2024Series CNoshaq (lead)$8M-I-care Group is a Belgian predictive maintenance company specializing in AI-driven solutions for machine health monitoring to prevent industrial breakdowns. The company offers products like the Wi-care as a Service subscription model and the I-see AI platform, which monitors over 150,000 sensors. Headquartered in Mons, it has expanded internationally through eight acquisitions, including SDT International, and employs over 1,000 people with production capacity up to 2,000 sensors per day. In October 2024, I-care Group closed a first-phase capital raise of approximately 10 million euros from existing shareholders including Noshaq, Wallonie Entreprendre, IMBC, and staff to refinance the SDT International acquisition and address cash needs. This forms part of a dual capital raise plan, with a larger second phase of tens of millions euros planned later from international funds. The round aligns with the company's growth strategy ahead of a potential 2026 external investor phase and postponed IPO. I-care Group reported €74 million in revenue for 2024, up 15% year-over-year, with 25% growth in April 2025 alone, though it remained loss-making with an €8.2 million deficit. The company also cited consolidated annual revenue exceeding €100 million, an order book over €200 million, and double-digit sector growth.
Apr 2024Series CNoshaq (lead)$8M--
Sep 2022Series CCPH Banque (lead); Invest Mons Borinage Centre; S.R.I.W.; Amerigo Fund$49M$637MI-care Group, a Belgian company based in Mons and a global leader in predictive industrial maintenance, completed a record fundraising round on September 30, 2022, raising approximately $39.23M to $50M in an Unattributed round led by CPH Banque, with participation from Amerigo Capital (or Amerigo Fund), IMBC (Invest Mons Borinage Centre), SRIW (Societe Regionale d'Investissement de Wallonie), and undisclosed investors, including a $10M employee injection from earlier in the year. The funds aimed to accelerate growth toward world leadership in predictive maintenance. Investors included regional Walloon funds and banks focused on SMEs and innovative companies. This 'Eau Rouge' operation positioned I-care as a world leader in predictive maintenance, preceding later developments. I-care has grown over two decades from a local venture into an international group through AI investments, R&D, manufacturing, and eight acquisitions. By late 2025, it achieved unicorn status at €1B ($1.16B) valuation via a $23.2M shareholder/employee round, reporting consolidated annual revenues over $116M, order book >$232M, and >1,000 employees. Future plans included external investment in 2026 and a postponed IPO, with prior funding discussions targeting €100M total equity including €35M for M&A.

Who has invested in I-care Group?

5 investors have backed I-care Group across its funding rounds, including Noshaq, S.R.I.W., CPH Banque, Invest Mons Borinage Centre and Amerigo Fund.

Lead investors include Noshaq and CPH Banque.


I-care Group Investors

Investors in I-care Group by funding rounds participated
InvestorHQRoundsRoleFirst check
NoshaqBelgiumLiège2LeadApr 2024
Invest Mons Borinage CentreBelgiumMons1ParticipantSep 2022
S.R.I.W.BelgiumBelgium1ParticipantSep 2022

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by I-care Group

I-care Group has acquired 7 companies to date.

Last acquisition by I-care Group was on March 26th 2025. I-care Group acquired SDT Ultrasound Solutions for $10M.


Latest Acquisitions by I-care Group

SDT Ultrasound Solutions
Cepya Electronics
Technical Associates of Charlotte, P.C.
Lindsay Engineering
Description
SDT Ultrasound Solutions is a provider of ultrasonic condition monitoring equipment for predictive maintenance in manufacturing plants worldwide. Products include the SDT340 handheld detector for leak detection, LUBExpert for lubrication control, and permanent systems like Vigilant for continuous monitoring of bearings, valves, and steam traps. Based in Belgium, SDT offers UAS3 analysis software and certification training programs across mechanical, electrical, and hydraulic fault detection applications.
Cepya Electronics is a Belgian contract manufacturer focused on PCB assembly and electronic card production. Located in Liège, it supports prototyping and high-volume runs for automotive, medical, and industrial clients across Europe with IPC-certified processes.
Technical Associates of Charlotte, P.C. is a Charlotte, North Carolina-headquartered firm founded in 1961 specializing in vibration analysis training and predictive maintenance services. Registered in North Carolina, the company offers ISO and ASNT compliant certification courses, on-site diagnostics, dynamic balancing, modal analysis, and noise reduction for rotating machinery in industries worldwide. Its Analytical Group, formed in 1974, delivers field services and seminars globally.
Lindsay Engineering is a San Francisco-based firm specializing in predictive and prescriptive maintenance solutions for industrial assets on the US West Coast. The company deploys IoT sensors, machine learning algorithms, and digital twins to monitor equipment in manufacturing, energy, and utilities sectors, reducing downtime by up to 30 percent for clients like semiconductor plants and oil refineries.
HQ CountryBelgiumBelgiumUnited StatesUnited States
HQ City
-
Assesse
Charlotte, NC
Los Angeles, CA
Deal Date26 Mar 202527 Sep 20231 Mar 20231 Jul 2021
Valuation$10Mundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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I-care Group Competitors

I-care Group competitors include listed companies like Shenzhen Sunwin and Imdex, and private ones like Vention, Motive, Augury and Periodic Labs.

Public and private companies comparable to I-care Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
VentionCanadaMontrealPrivate$73M-$1.2B16.4x
Shenzhen SunwinChinaChinaPublicly listed$20M($147M)$687M-
MotiveUnited StatesSan Francisco, CAPrivate$600M-$1.2B-
AuguryUnited StatesNew York City, NYPrivate$100M-$1B-
Periodic LabsUnited StatesSan Francisco, CAPrivate--$1B-
ImdexAustraliaAustraliaPublicly listed$370M$94M$1.2B3.6x

I-care Group Public Comps

I-care Group is still privately-owned, but its public comps include ZoomInfo, Braiin, Imdex, Zwsoft, Vitec Software, iFLYHealth, Fractal Analytics, BigBear.ai, Qt Group and GuoChuang Software.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
ZoomInfo$1.2B$326M2.0x2.1x7.8x5.1x
Braiin$73M($15M)15.8x13.0x(76.1x)89.6x
Imdex$370M$94M3.7x3.6x14.6x11.4x
Zwsoft$133M$12M7.4x6.9x79.9x49.1x
Vitec Software$371M$151M3.7x3.5x9.1x9.0x
iFLYHealth$136M($7M)7.7x6.2x(150.8x)(144172.5x)
Fractal Analytics$344M$50M3.7x3.4x25.8x21.0x
BigBear.ai$128M($295M)8.3x7.6x(3.6x)(27.8x)

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Common questions about I-care Group

When was I-care Group founded?I-care Group was founded in 2004.
Where is I-care Group headquartered?I-care Group is headquartered in Mons, Belgium.
Is I-care Group publicly listed?No, I-care Group is a private, VC-backed company.
What is I-care Group's valuation?I-care Group was last valued at $1.2B in its undisclosed-stage round in December 2025.
How much funding has I-care Group raised?I-care Group has raised $88M across 4 funding rounds.
What was I-care Group's last funding round?I-care Group's last funding round was a $24M undisclosed-stage round in December 2025.
Who are I-care Group's investors?I-care Group's investors include Noshaq, Invest Mons Borinage Centre, S.R.I.W., CPH Banque and Amerigo Fund.
What is I-care Group's revenue?I-care Group's latest recorded revenue is $115M (December 2025).
What is I-care Group's revenue multiple?I-care Group's latest valuation implies a 10.2x revenue multiple ($1.2B valuation on $115M of revenue).
Which companies are comparable to I-care Group?Companies comparable to I-care Group include Vention, Shenzhen Sunwin, Motive, Augury, Periodic Labs and Imdex.
How many companies has I-care Group acquired?I-care Group has acquired 7 companies, including SDT Ultrasound Solutions, Cepya Electronics, Technical Associates of Charlotte, P.C., Lindsay Engineering and DWMG.
What was the largest acquisition by I-care Group?The $10M acquisition of SDT Ultrasound Solutions in March 2025 is the largest acquisition I-care Group has made to date.

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