AAA Seeq swells series B round to $47m

Seeq swells series B round to $47m

Oil and gas provider Saudi Aramco has led the $24m second close of a series B round for US-based industrial data analytics software developer Seeq that now stands at $47m.

The corporate invested through its Saudi Aramco Energy Ventures unit, alongside oil supplier Chevron’s corporate venturing arm, Chevron Technology Ventures, as well as Altira Group, Second Avenue Partners and undisclosed existing investors

Altira led the round’s $23m first close, which included Chevron Technology Ventures, industrial technology and appliance producer Siemens’ Next47 unit, Second Avenue Partners and unnamed existing investors, in mid-2018. The round is expected to close at $53m.

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.

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