Veros Systems, a US-based technology company whose product Veros ForeSight helps engineers monitor the performance of induction motor driven equipment, has extended its series A financing to $8m with additional investment from Chevron Technology Ventures, the corporate venturing unit of US-based energy company Chevron.
Previously in July 2013, Veros announced that it had raised $5m in series A financing from Austin Ventures and LiveOak Venture Partners.
The latest investment follows a multi-year, multi-site technical evaluation at Chevron.
Jim Dechman, president and chief executive officer of Veros, said: “We are very excited to have Chevron Technology Ventures as an investor, and we look forward to providing operational and predictive information to Chevron’s facilities.”