USA: IIOT

Saudi Aramco Energy Invests 24 Million Dollars in Analytics Software Firm

11/02/2020 | Editor: Ahlam Rais

With this investment, Saudi Aramco Energy Ventures joins other leading firms such as Altira Group, Chevron Technology Ventures, and Second Avenue Partners. (Source: Deposit Photos)

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Saudi Aramco Energy Ventures has invested in US-based Seeq Corporation which specialises in IIOT advanced analytics software. The software is capable of boosting production in process manufacturing industries such as oil and gas, pharma, chemicals, and so on.

Washington/USA – Seeq Corporation, a leader in manufacturing and Industrial Internet of Things (IIOT) advanced analytics software, recently announced that it has secured a 24 million dollar expansion of its Series B funding.

This expansion round is led by Saudi Aramco Energy Ventures (SAEV), the corporate venture subsidiary of the world’s leading integrated energy and chemicals company, Saudi Aramco. It includes renewed participation by Altira Group, Chevron Technology Ventures, Second Avenue Partners, and other existing investors.

Seeq enables engineers and scientists in process manufacturing organisations to rapidly analyse, predict, collaborate, and share insights to improve production outcomes. Customers include companies in the oil and gas, pharmaceutical, chemical, energy, mining, food and beverage, and other process industries. The funding will accelerate Seeq’s expansion of development, sales, and marketing resources, and will also increase its presence in international markets.

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“Seeq is providing an important improvement in software for customers in process industries to accelerate insights, action, and impact on their production and business outcomes,” comments James Sledzik, Venture Executive at SAEV. “We are pleased to be leading the effort enabling Seeq’s continued growth.”

Upon final closing, Seeq expects the Series B expansion to reach approximately 30 million dollars, which is in addition to Series B funding led by Altira Group.