Industrial IoT Startup Seeq Raises $24 million In Series B Funding Led By Saudi Aramco

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  • The startup said that it will use the funding to expand development, sales and marketing resources and international presence
  • The company had raised a $23 million Series B funding round in 2018

According to a report by CRN, Industrial IoT analytics startup Seeq has confirmed that it has raised a $24 million Series B round. The report said that the round was led by corporate venture arm of Saudi Aramco which is known as Saudi Arabian Oil Company. It also saw participation from return investors Altira Group, Chevron Technology Ventures and Second Avenue Partners among others.

Expand development, sales and marketing resources

The startup said that it will use the funding to expand development, sales and marketing resources and international presence said the report. The software from the start-up provides advanced analytics for manufacturing data that companies are collecting from sensors and machines. This gives them the ability to diagnose problems, monitor systems in real time as well as predict when systems will fail or require maintenance.

According to the report, the start-up said that the round happened as it had generated more than 50 channel partners and customers across more than 40 countries. This includes Royal Dutch Shell PLC, Merck and Roche.

$23 million raised in 2018

Seeq has also said that it has expanded its reach to the cloud through availability on Amazon Web Services and Microsoft Azure. For on -premises deployment, it teams up with automation vendors like GE, Siemens, Honeywell and OSIsoft. The company had raised a $23 million Series B funding round in 2018. This was led by Altira Group.

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