Element Analytics, a developer of analytics data management and integration software for industrial companies, recently announced funding from leading industrial companies and venture firms specializing in industrial applications.
The funding includes several high-profile new investors – GE Ventures, Honeywell Ventures, ABB Technology Ventures, Mitsui & Co., Ltd., Aster and Blue Bear Capital, who are joining current investors Kleiner Perkins Green Growth Fund and private investors focused on energy transformation.
“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,” Bane said, adding that “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.”
The biggest problem to be solved in the whole IIoT space, according to Matthew Littlefield, President and Principal Analyst of LNS Research, “is the ability to quickly create a scalable and extensible data model that spans the industrial value chain.”
Littlefield added “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. 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.”
The new Series A funding of $19.5M brings the total to $22M. Element Analytics plans to use the funding to invest in software development, market development and operations.
The original press release is at this link.