US-based industrial data hub developer Element completed an $18m series B round featuring consumer product manufacturer Honeywell, chemicals producer Evonik and power and automation technology providers ABB and Schneider Electric yesterday.
Activate Capital and Forte Ventures co-led the round, which included Kerogen Capital’s Kerogen Digital Solutions (KDS) vehicle, High Tide Foundation, Kleiner Perkins’ Green Growth Fund, Ajax Strategies and Blue Bear Capital.
The corporates participated in the round through Evonik Venture Capital, Schneider Electric Ventures, Honeywell Ventures and ABB Technology Ventures respectively.
Element has formed a software platform that enables companies in the industrial sector to pool metadata in order to gain a wider perspective on their activities. It also transforms different types of data into a form where it is easier to feed into existing analytics products.
Activate Capital managing director David Lincoln will join the board of directors at Element along with Forte Ventures partner Louis Rajczi. Element said the round increased its overall funding to more than $40m.
The company had previously raised $19.5m from ABB, Honeywell, diversified conglomerate Mitsui, industrial equipment manufacturer General Electric, the Schneider Electric-backed Aster, Blue Bear Capital and Kleiner Perkins predecessor Kleiner Perkins Caufield & Byers’ Green Growth Fund in early 2018.
