NEW YORK--(BUSINESS WIRE)--Andium, Inc. (“Andium” or the “Company”), an expert in Industrial Internet of Things (IIOT) remote-field monitoring and communications technologies, today announced the close of a $15 million Series A investment round led by OGCI Climate Investments (“OGCI CI”). Existing Andium investors Tom Miglis, former Chief Information Officer of Citadel, and Talis Capital, also participated in the round.
The new financing round will continue to drive product growth and innovation, support strategic investment in talent, and enable Andium to accelerate the deployment of its proprietary Video Solutions product lines for flare monitoring, tank telemetry, and object detection.
Using a revolutionary end-to-end Operating System, Andium’s monitoring products provide oil and gas companies with verifiable, real-time information from remote locations at a fraction of the cost of other solutions. Turning monitoring, especially of flares, into an automated, digital process is a game changer for emission reductions and the achievement of environmental, social and governance goals (ESG).
“We believe that visibility is paramount in change leadership and operational excellence, and our remote monitoring technologies are specifically designed to offer companies an expedited path to achieve their sustainability goals” said Jory Schwach, CEO of Andium. “We are pleased to welcome OGCI CI as a new investor and advisor as we continue helping companies decarbonize through digitalization.”
“The transparency created by monitoring and measuring methane is essential to reducing emissions” said Pratima Rangarajan, CEO of OGCI Climate Investments. “Andium’s low-cost innovative solution lowers the barrier for operators of all sizes to adopt and implement best practices and we are pleased to support their growth.”
Andium’s flexible and reliable products are available at a fraction of the cost of other solutions, lowering the barrier of entry for operators and creating strong returns on investment through operational efficiency. These characteristics fit perfectly with the increasing demand from energy customers for access to real-time information across remote locations.
Tom Miglis, former Chief Information Officer of Citadel, said, “As a long-term investor in Andium, I’ve been continually impressed by the team’s ability to innovate and deliver cost-effective solutions providing unique insights to customers. Andium’s ability to enable its partners to thrive in this period of energy transition by developing technologies that drive a returns-focused approach to emissions reduction and increased efficiency has been impressive.”
Andium believes in the truism that what you can monitor, you can manage. Using a novel end-to-end Industrial Internet of Things platform, Andium enables leaders to make meaningful change in the world. We believe working in some of the most consequential markets where the decisions of the future of our world are at stake enables us to elevate a voice in the future. Through environmental, sustainability and governance (ESG) monitoring, Andium is helping to build a better world of today for tomorrow. Andium, Work Farther. Visit https://andium.com.
About OGCI Climate Investments
OGCI Climate Investments is a $1B+ fund, launched in 2016 by the Oil and Gas Climate Initiative, a CEO-led initiative that aims to accelerate the industry response to climate change. We look for outcomes that reduce methane and carbon dioxide emissions, and that can recycle or store carbon dioxide. Achieving significant impact requires global implementation and commercial frameworks – at OGCI Climate Investments, we collaborate with innovators, investors and governments to fund and implement impactful solutions. Visit https://oilandgasclimateinitiative.com/climate-investments.