I-care Becomes Belgium’s Newest Unicorn After $23.2M Round

Belgian predictive maintenance specialist I-care has completed a $23.2 million fundraising and refinancing operation, carried out as a round reserved for existing shareholders and employees. Based on the transaction, the group said its valuation has reached €1 billion (around $1.16 billion), making I-care Belgium’s newest unicorn.

Founded in 2004 and headquartered in Mons, I-care focuses on helping industrial companies anticipate equipment failures before they disrupt operations.

Its technology combines sensors, vibration analysis and AI-driven software to detect early signs of mechanical issues, allowing maintenance teams to intervene earlier and reduce unplanned downtime.

I-care has grown steadily alongside rising demand for industrial efficiency and digitalisation. Today, the group reports consolidated annual revenues of more than $116 million, supported by an order book exceeding $232 million, and employs over 1,000 people across more than 50 countries.

Growth has been driven by a mix of organic expansion and targeted acquisitions, as I-care has integrated specialist firms to broaden its technical expertise and international presence.

The company has also invested heavily in training and data science capabilities, positioning predictive maintenance as a core operational function rather than a standalone tool.

The latest transaction is framed as a step to strengthen the group’s financial structure ahead of its next development phase. I-care has indicated that opening its capital to external institutional investors could follow in the coming years, while an initial public offering remains a longer-term option after a previously postponed listing.

Sources:
EU Startups
Business Wire
EU Tech Future
Pulse 2.0

J.V.