Seeq Raises $50 Million Series C To Enhance Product Development And Expand Market Reach
On 13th April 2021 Seeq Corporation, an IIoT analytics software provider, raised a $50 million series C, led by Insight Partner, a New York-headquartered PE/VC firm. Other participants included Altira Group, Chevron technology Ventures, Cisco Investments, Saudi Aramco Energy Ventures, and Second Avenue Partners. This brings Seeq’s total funding to $115.2 million, with previous rounds led by VC firms Second Avenue Partners and Next47. This series C funding will go towards expanding sales, development, and marketing, and to entering new markets.
Seeq is an analytics software vendor headquartered in Seattle, Washington, USA. The firm offers four solutions for engineers and data scientists in data rich, but information poor firms across process and asset heavy industries. These solutions enable users to perform analytics on asset data coming from sensors and other systems. Seeq’s offerings consist of: Seeq Workbench, where users can create and perform analytics; Seeq Organiser, the BI tool to assemble and distribute insights from the analytics; Seeq Data Lab, for users to access Python Libraries, and Seeq Cortex, which users can leverage to query data sources. The firm has partnerships with AspenTech, Automation Solutions, AVEVA, Emerson, GE, Honeywell, OSIsoft, Siemens, and Yokogawa to enable its clients to easily access automation data from their assets. Seeq’s customers include names such as Cargill, Marathon and Mondelez International.
Seeq provides a range of capabilities for digital twins and maintenance analytics. It enables its customers to optimize their assets, and forecast performance through a suite of tools for data exploration, analysis, and management. This places Seeq in a position to benefit from the rapidly growing industrial facility digital twin market that is set to grow from $0.8 billion in 2020 to 27.6 billion in 2040 at a 19.5% CAGR over 20-years. Seeq also offers tools for clients to reduce their environmental emissions. The Value Search tool helps clients in process manufacturing industries to improve environmental performance and compliance by performing what-if scenario modelling to understand how different operating parameters and additives impact SO2 emissions.
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