Seeq, IIoT Analytics Vendor, Raises Cash
Seeq Corp., a developer of analytics software for manufacturing and industrial Internet of Things applications, has raised an additional $23 million in a recent funding round that included the investment arms of Chevron and Siemens.
The industrial analytics vendor said Wednesday (July 18) the Series B funding round was led by Altira Group along with participation by Chevron Technology Ventures and Next47, the Siemens-backed venture fund. Seattle-based Seeq said the funding will be used to expand global operations as industrial IoT deployments accelerate.
The startup specializes in industrial analytics platforms based on machine learning and open source tools to monitor and fine-time manufacturing operations. The analytics platform is designed to run on-premise, public clouds such as Amazon Web Services (NASDAQ: AMZN) and Microsoft Azure (NASDAQ: MSFT) or hybrid deployments.
Denver-based Altira Group said its investment stems from a partnership with oil and gas producers, including Apache, Devon Energy, EQT and Pioneer Natural Resources. “Finding the oil is not the problem,” noted Chris Cheatwood, CTO at Pioneer Natural Resources. “The challenge is producing the oil economically while anticipating fewer available human resources.”
Seeq’s customers in Australia, Europe, India and the U.S. span industries ranging from energy production and power generation to chemicals and pharmaceuticals. It also works with robotics vendors such as investor Siemens (ETR: SIE) to develop remote monitoring and predictive analytics for process automation tools.
Lately, the five-year-old startup has been collaborating with process engineers on projects designed to extend analytics across manufacturing operations. It also works with data scientists gathering training data for advanced algorithms targeting industrial IoT applications.
The latest release of Seeq’s R20 platform includes support for integrating structure data from SQL Server, MySQL and CSV files.
According to the web site Crunchbase.com, Seeq has so far raised $35.2 million in four funding rounds. Among the other lead investors is Second Avenue Partners.