Circonus Fund Raising Of $6.8 Million Boosts Its Machine Data Analytics And IIoT Ambitions
Machine data analysis platform vendor Circonus has raised $6.8 million in Series A1 funding led by Osage Venture Partners. New investors Bull City Venture Partners and Ben Franklin Technology Partners also contributed to the funding round, along with existing investor New Spring Capital, which led Circonus’s $6.5 million Series A round in 2016.
The new funding will go towards advancing the Fulton, Maryland-based firm’s technology and market position. Circonus develops the Circonus Platform, which it describes as a “machine data intelligence” platform, capable of processing billions of metric streams and generating real-time predictive insights from them, including industrial Internet of Things (IIoT) data. Circonus targets the energy and utilities industries for smart grid/smart utilities use cases, along with logistics and telematics, adtech, entertainment and streaming media, and fintech. It is looking to move into manufacturing as well, particularly for analysing data generated on the shop floor.
In a recent conversation with Verdantix, Circonus executives confirmed that most of their business has come from IT use cases to this point, but that it expects to make more headway in the operational technology realm in 2020, especially to provide early detection of asset failure through constant analysis of condition data from sensors. This new direction aligns well with the digitization of industrial firms’ operational excellence programmes. According to Verdantix research on asset management information architectures, after firms have invested in instrumentation they need an IIoT platform to enhance, unify and analyse the reams of digital data they are collecting. Circonus recently completed a successful proof of concept with an unnamed energy firm, which used its platform to collect and analyse high-frequency (200Hz/second) sensor data from a fracking wellhead in order to gain insights to improve fracking operations, including the yield and efficiency of the fracking wells.
Veteran software company executive Bob Moul joined Circonus as CEO in 2019. Moul has previously guided tech start-ups Cloudamize and Boomi to successful acquisitions, by Blackstone Group’s Cloudreach and Dell, respectively. He now has a similar mandate for 10-year-old Circonus.