Seeq Corporation, a manufacturer of industrial internet of things (IIoT) advanced analytics software, announced is secured a $24 million expansion of its Series B funding. This expansion round is led by Saudi Aramco Energy Ventures (SAEV), the corporate venture subsidiary of an integrated energy and chemicals company, Saudi Aramco. It includes renewed participation by Altira Group, Chevron Technology Ventures, Second Avenue Partners, and other existing investors.
Seeq enables engineers and scientists in process manufacturing organizations to rapidly analyze, predict, collaborate, and share insights to improve production outcomes. Customers include companies in the oil and gas, pharmaceutical, chemical, energy, mining, food and beverage, and other process industries. The funding will accelerate Seeq’s expansion of development, sales, and marketing resources, and will also increase its presence in international markets.
Upon final closing, Seeq expects the Series B expansion to reach approximately $30 million, which is in addition to Series B funding led by Altira Group.
“With the backing of SAEV and our existing investors, Seeq is positioned to continue its rapid growth by addressing market demand for advanced analytics innovation,” said Steve Sliwa, CEO and co-founder of Seeq Corporation. “Through our direct sales personnel and more than 50 channel partners, our customer base has expanded to more than 40 countries with deployments as large at 5,000 users within one company.”
Seeq’s new release, R22, introduces features enabling support for the integration of structured data from SQL Server, MySQL, and CSV files; easier distribution of Seeq Workbench analyses to coworkers; and an expansion of Seeq machine learning integration and features.