I-care becomes Belgium’s newest unicorn after closing €20M fundraising and refinancing round

Belgium-based predictive maintenance company I-care has announced the completion of a €20 million fundraising and refinancing operation conducted as a round reserved for existing shareholders and employees. With this transaction, the company has hit unicorn status. 

The company now aims to accelerate its growth to increase its market share and focus on bringing in external investors in 2026. It also intends to pursue an initial public offering, which was postponed last spring.

“Becoming a unicorn is a symbolic milestone. To achieve this, we chose to invest before reaping the rewards: we bet on AI when few believed in it, we prioritised R&D, and we built our own production unit. These choices were sometimes difficult, but they were essential to staying ahead of the game. Today, our results confirm that this strategy was the right one,” explained Fabrice Brion, CEO of I-care.

Founded in 2024, I-care provides reliability and predictive maintenance services to customers in more than 55 countries. According to the company, its AI-driven platform, I-see, integrates I-care’s solutions with external systems, aggregates data from multiple predictive maintenance techniques, provides failure predictions months in advance, and supplies operational data to external systems for maintenance planning.

“Since launching production of its new-generation sensors and rolling out the Wi-care as a Service model, an all-in-one subscription-based solution, I-care has been recording strong growth. The group’s Industry 4.0 manufacturing facility now enables rapid volume increases, with an announced production capacity of up to 2,000 sensors per day,” the company mentioned in the press release. 

I-care reported consolidated annual revenues of over €100 million and an order book valued at more than €200 million. Over the past eight years, it has acquired and integrated eight companies. It employs more than 1,000 people and operates 36 offices across 16 countries in the Asia-Pacific, EMEA, and the US regions.

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