US-based industrial collaboration technology developer Parsable has secured $20m in a round led by petroleum company Saudi Aramco, which took part through its Saudi Aramco Energy Ventures unit.
The investor consortium also featured aerospace firm Airbus and oil and gas technology provider Schlumberger.
Parsable provides technology that enables companies to replace paper-based workflow with digital collaboration technology specifically designed for use in the oil and gas, construction and manufacturing industries.
MJ Maloof, investment director for Saudi Aramco Energy Ventures, said: ”Early deployments in several key business units have demonstrated a number of benefits, including improvements in safety and quality as well as better access to analytics and real-time reporting on the status of activities in the field..
“Leading this round is a signal of our confidence in this new technology and its potential to transform the way field work is done in the oil and gas industry, and industrial sector generally.”
Parsable raised $7.9m in August 2014 under its old name of Wearable Intelligence. The cash came from GV, the corporate venturing unit then known as Google Ventures, as well as Lightspeed Venture Partners, Andreessen Horowitz, Initialized Capital, Kleiner Perkins Caufield & Byers and Subtraction Capital.