US-based industrial analytics software developer Element Analytics disclosed $19.5m of series A funding on Monday from investors including corporates General Electric, Mitsui, Honeywell and ABB.
Power and automation equipment maker ABB, conglomerate Mitsui, and industrial and consumer product makers GE and Honeywell were joined by Aster, the VC partnership for corporates Alstom, Solvay and Schneider Electric, as well as Blue Bear Capital and Kleiner Perkins Caufield & Byers’ Green Growth Fund.
Element Analytics has built an analytics platform that aggregates large quantities of data from sensors at industrial facilities, for customers in sectors such as oil and gas, chemicals and manufacturing.
The software uses digital models of physical infrastructure to forewarn clients of potential equipment failures and highlight opportunities for optimisation.
Andy Bane, chief executive of Element Analytics, said: “The world’s leading suppliers of industrial equipment and control solutions recognise there is a ‘data readiness’ gap when trying to analyse critical operational data.
“Our platform is designed to take unorganised and inconsistent ‘dark’ data from industrial operations and make it easy to trust, manage and analyse.”
The capital will fund technology development and general operations as Element looks to also develop the market for its product.
The series A round took Element’s overall equity funding to $22m, it said. The company had previously announced $7m of seed funding in January 2017, most of which came from Green Growth Fund, but has not revealed whether part of that capital was absorbed into the series A round.