irmos technologies: The Venture Leader Mobile bridging the gap between research and practice for more resilient, safe, and sustainable infrastructure

02.02.2024 09:20, Rita Longobardi

Meet Panagiotis Martakis, CEO of irmos technologies. The engineering startup develops an intelligent software solution that enables owners of large portfolios of buildings and bridges to make the CapEx for structural maintenance foreseeable and to prioritise structural maintenance based on data.

Name: Panagiotis Martakis
Location: Zurich, Switzerland
Nationality: Greece
Graduated from:  ETH Zurich
Job title: Co-founder, CEO
Number of employees: 6
Money raised: 1.4 M CHF




Can you tell us who your product or solution helps, and how?
Our solution addresses owners of large portfolios of bridges, buildings and industrial infrastructure. Over 50 % of our assets today have exceeded their “expiration date” and become older every day. At the same time, structural maintenance relies on visual inspections that are subjective, time-consuming and inconclusive. Our solution combines low-cost sensors with intelligent algorithms that translate monitoring data into actionable metrics that help asset owners maintain their structures when and where it is needed.

What market are you addressing and what is the potential of your startup in that market?
We address public entities that own large portfolios of bridges, as well as private companies owning multiple buildings or industrial infrastructure assets. We also work together with Civil Engineering offices that use our solution to calibrate their simulations and provide more reliable, and consequently more cost-efficient, solutions for their clients. While there are plenty of companies offering sensors, we build the software to translate sensor data into valuable insights. Essentially, we introduce a new category of intelligent cloud-based software services that will unlock the unexploited potential of IoT for safer and more sustainable infrastructure and buildings.

How and where did you come up with the idea for your startup?
As a professional engineer, I witnessed the significant gap between research and practice in civil engineering, leading to suboptimal and costly maintenance. To bridge this divide, I went back to ETH for my PhD, focusing on AI and Structural Health Monitoring. During my PhD, I initiated pilot projects with top engineering offices, validating the problem-solution fit of my technology and generating already significant revenue for ETH. For my research, acquiring data from actual buildings and bridges was crucial. Collaborating with my former PostDoc, now the CTO of irmos, we monitored the demolition of 25 real structures. To achieve this, we developed low-cost sensors in collaboration with another PhD researcher, now the co-founder and hardware lead of irmos, literally working in my garage. These sensors, significantly more affordable than commercial alternatives, prompted us to delve into the prospect of commercializing them. However, soon it became evident that our primary intellectual property lay not in the sensors but in our algorithms that translate sensor data into damage metrics. And then we built our business case, won multiple startup competitions and grants and here we are today: We have a complete team covering all necessary skills and a very strong traction with the market.
 

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What do you expect from the Venture Leaders roadshow, and how do you think it will help you achieve your vision?
We address a global problem, and we have a completely scalable and validated solution. For our growth, it is very important to expand our network to international partners and investors. Being part of Venture Leaders is a door opener to reaching the international startup ecosystem and consequently the global market. Beyond that, spending a week with pioneer startups and participating in world-class events, like the 4YFN startup conference, will inspire our next steps and fuel our growth. 

What are your team’s key achievements to date?
Incorporated in February 2024, irmos achieved some remarkable milestones. Among others, we won first place in the Swiss Innovation Challenge 2023 and received a prize from the Swiss Minister Mr. Albert Rösti. We won first place in the Swisscom Deeptech Startup Challenge and the Innovation Prize from Die Autobahn GmbH in Germany, awarded by the European parliament. We also closed a long-term contract with ASTRA and completed multiplied paid projects with key infrastructure and building owners. Finally, we grew our team to 6 FTEs and we moved the company headquarters to Technopark Zurich.

Is there a key principle or value that guides you as you build your company?
Our solution aims to revolutionize the maintenance of our ageing infrastructure, and this is a very ambitious mission. But our vision is to enable innovation in remote places and low-income countries that do not have the means and the inspiration models we have in Switzerland. In 10 years from now, irmos innovation hubs will generate legions of talent in remote places around the globe. Inspiring and enabling people to develop and use new technologies for a fair and better life, is what motivates us the most.

What is the most important lesson you have learned as a founder?
For an early-stage startup, the biggest asset is the team. Finding the right people is a surprisingly tough challenge. We have limited financial resources and no experience in professional hiring processes. In this context, matching with the right person feels like having just one bullet to hit a target 200 m away without training. Thus, getting expert support, exploiting our network, and putting the hiring process at the top of our priorities are probably the most important learnings so far. 

What is your favorite productivity hack or tool and why?
I am continuously searching and testing various productivity tools, but I still feel like pen and paper are my best friends when it comes to managing my tasks.

What was your dream job when you were a child?
I never had a dream job, but I always liked applied physics and hardware. I think I could be a good craftsman or hardware developer, but destiny had other plans, for now!

Do you recommend a podcast you want to share with us?
I do not listen to podcasts very often, but I can recommend to fellow founders a fantastic book: “Play Bigger” of Al Ramadan.