SAN FRANCISCO--(BUSINESS WIRE)--Element Analytics, a leading developer of analytics data management and integration software for industrial companies, today announced Series A funding of $19.5M from leading industrial companies and venture firms specializing in industrial applications. The new investors – GE Ventures, Honeywell Ventures, ABB Technology Ventures, Mitsui & Co., Ltd., Aster and Blue Bear Capital – join current investors Kleiner Perkins Green Growth Fund and private investors focused on energy transformation. These investors represent some of the biggest names in the venture capital and the industrial sectors and their funding, combined with previous seed equity investments, bring total equity funding in Element Analytics to $22M.
Element Analytics is a pioneer in software that processes, manages and integrates large volumes of data from a wide variety of sources including sensors and engineering and operational systems. The company’s Element Platform™ creates and maintains “Digital Twins”– dynamic digital representations of physical equipment and assets – to enable easy, comprehensive and accurate analysis. Such analysis can provide insights including when key equipment might fail or optimizing operations in industries such as oil and gas, chemicals, utilities, mining and manufacturing.
“The world’s leading suppliers of industrial equipment and control solutions recognize there is a ‘data readiness’ gap when trying to analyze critical operational data,” said Andy Bane, CEO of Element Analytics. “Our platform is designed to take unorganized and inconsistent ‘dark’ data from industrial operations and make it easy to trust, manage, and analyze. Today’s announcement shows the depths of this challenge and the promise of our solution. It's impressive to see the range of industry leaders investing in Element Analytics and working to bring this vision to life.”
In seeking investors, Element Analytics focused on leaders in the industrial sector and on venture capital firms specializing in investments that help industrial companies achieve digital transformation. Such transformations promise to enable companies in numerous industries to become more efficient, sustainable and profitable. “We sought out investors with deep knowledge of capital-intensive industries with whom we can build mutually beneficial relationships,” said Bane. “We aim to provide both a financial return and strategic return to these investors, helping their businesses as our solution becomes more broadly adopted.”
“LNS Research sees the ability to quickly create a scalable and extensible data model that spans the industrial value chain as the biggest problem to be solved in the whole IIoT space. This industrial data model then becomes the foundation for companies to ensure that data from equipment, sensors, and other sources is ready for advanced analytics,” said Matthew Littlefield, President and Principal Analyst, LNS Research. “With these new strategic investments, Element Analytics has the potential to be a category-creating company that addresses the data model challenge and helps speed the adoption of Industrial IoT solutions and analytics.”
“Element’s Analytics is a game changer because its data management technology transforms operations data to solve real world problems” said David Mount, who founded Element Analytics with Element’s VP of Product Sameer Kalwani. Mount is a partner at G2VP and Kleiner Perkins Green Growth Fund.
Element Analytics plans to use the funding to invest in software development, market development and operations.
About Element Analytics
Based in San Francisco, CA, Element Analytics is an industrial analytics software company that makes data work for people, proactively surfacing insight where it’s needed most. The Element Platform rapidly transforms data into actionable insight, helping industrial organizations make the best-informed decisions for greater efficiency, sustainability, and profit. For more information, visit www.elementanalytics.com.