US-based visual analytics technology provider Space-Time Insight secured $8m from a series D round co-led by energy company E.ON and electronics producer NEC Corporation yesterday.
Unnamed existing investors also took part in the round. Space-Time Insight’s technology analyses, correlates and visualises large data sets gained through internet of things devices in order to help companies make better decisions based on available resources.
NEC’s investment follows the formation of a strategic partnership between the companies in September 2014 involving Space-Time Insight’s analytics technology being incorporated into NEC’s smart energy microgrids in Japan and Asia Pacific.
Space-Time Insight, which has attracted eight of the US’s 20 largest utility companies as clients, previously secured $20m in a 2013 series C round featuring Zouk Capital, EnerTech Capital, Novus Energy Partners and Opus Capital Ventures.
The company has now raised $50m in overall funding from investors also including ClearSky Power & Technology Fund and Start Up Farms International.
Susana Quintana-Plaza, senior vice-president for technology and innovation at E.ON, said: “The success of our grid and renewables initiatives rely on the ability to understand how our assets are performing, how we reduce risk, and what situations we need to respond to immediately.”