Element Analytics Raises $19.5 Million in Series A Funding
The company's software addresses industrial companies' data readiness challenges, enabling sophisticated analysis of industrial data.
SAN FRANCISCO–Element Analytics, a developer of analytics data management and integration software for industrial companies, recently announced Series A funding of $19.5 million from major 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. Their funding, combined with previous seed equity investments, bring total equity funding in Element Analytics to $22 million.
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 PlatformTM creates and maintains "Digital Twins"–dynamic digital representations of physical equipment and assets–to enable "easy, comprehensive and accurate analysis," according to Element Analytics. Such analysis can provide insights concerning 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, in a press release. "Our platform is designed to take unorganized and inconsistent 'dark' data from industrial operations and make it easy to trust, manage, and analyze."
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," said Matthew Littlefield, president and principal analyst, LNS Research, in the release. "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."
Element Analytics (www.elementanalytics.com) said that it plans to use the funding to invest in software development, market development, and operations. The company is based in San Francisco.
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