Saudi Aramco’s investment unit, Saudi Aramco Energy Ventures, was part of a $50 million Series C funding round for US manufacturing and Industrial Internet of Things (IIoT) analytics software firm Seeq. The company has raised a total of $115 million to date.
The funding round was led by venture capital and private equity firm Insight Partners, and also included Altira Group, Chevron Technology Ventures, Cisco Investments, and Second Avenue Partners. This funding will accelerate Seeq’s expansion of development, sales, and marketing resources, and help increase the company’s presence in international markets, it said in a press statement.
Seeq has a set of applications which allow engineers and scientists in process manufacturing organizations to rapidly analyze, predict, collaborate, and share insight. The company operates across oil and gas, pharmaceutical, chemical, energy, mining, food and beverage, and other process industries.
“We are pleased to close our Series C funding efforts with the support of Insight Partners to scale our business and enable manufacturing organizations to make data-driven decisions,” said Steve Sliwa, CEO and co-founder of Seeq. “By leveraging big data, machine learning, and computer science innovations, Seeq is enabling a new generation of software-led insights.”
“Seeq has established themselves as the leader in process manufacturing and IIoT analytics, and we believe they will continue to transform the way companies find and share insights and make faster decisions,” says Matt Koran, Vice President at Insight Partners. “The company has achieved incredible growth to date, and we are excited to partner with them to help execute their vision for a new generation of machine-learning enabled analytics.”
Seeq’s applications for analyzing and sharing insights on process manufacturing data include Workbench for easy to use advanced analytics, Organizer for publishing reports and dashboards, Data Lab for accessing Python libraries, and Cortex for IT governance, data connectivity, and calculation features.
Seeq was recognized in 2020 by Inc. Magazine as #261 on their 2020 list of the Fastest Growing Companies, #76 on Deloitte’s Technology Fast 500™, and chosen as a Red Herring Top 100 North American winner.
Seeq also connects to an extensive set of automation vendor data storage platforms for on premise engagements including OSIsoft, Siemens, GE, Honeywell, Emerson Automation Solutions, Inductive Automation, AVEVA, AspenTech, Yokogawa, and others.
