Seeq, a US-based analytics software provider for manufacturing and industrial internet of things, has closed its series B expansion round from a consortium including multiple corporate venturing units.
Cisco Investments was a new investor in Seeq’s about-$30m expansion. This is in addition to previous series B funding, led by Altira Group and Saudi Aramco Energy Ventures, bringing the total investment in Seeq since its inception to approximately $65m.
Cisco joined oil majors Saudi Aramco and Chevron’s corporate venturiung units, Saudi Aramco Energy Ventures and Chevron Technology Ventures, Next47, the venture group for Germany-based industrials group Siemens, and venture capital firms Altira Group and Second Avenue Partners.
In January, Saudi Aramco led the $24m second close of the B round for Seeq. Altira led the round’s $23m first close.
Steve Sliwa, CEO and co-founder of Seeq, said: “We are pleased to close our series B funding efforts with the support of Cisco to enable manufacturing organizations to make data-driven decisions.”
Amit Chaturvedy, senior director of corporate development and Cisco Investments, added: “Seeq’s strong value proposition for the industrial market aligns well with Cisco’s focus on IoT and digital transformation of businesses.”
Founded in 2013, Seeq provides data analytics software that helps industrial clients monitor their manufacturing chains using real-time information extracted from connected devices such as sensors.
The platform can integrate with process automation hardware from a number of industrial vendors, and can store data insights on the Azure or Amazon Web Services cloud computing platforms. The cash will fund its sales, marketing, product development and overseas expansion.
Seeq initially raised $2m of debt financing in May 2013 according to a regulatory filing, adding $6m in series A funding from Second Avenue Partners, Madrona Venture Group, Clear Fir Partners and assorted angel investors six months later.
The company subsequently secured $4.2m of equity funding from unnamed backers in 2015, according to a securities filing.
