Alchemy IoT, a Denver-Boulder, Colorado-based SaaS company specializing in software that brings business value to the Internet of Things, raised $4 million in seed financing from Aweida Venture Partners.
The company’s platform seeks to increase equipment health and uptime, reduce total cost of ownership, and offer new revenue opportunities to OEMs and equipment operators. Alchemy’s leadership team consists of industry veterans with a strong track record in enterprise software, data analytics, machine learning, cloud technology, and IoT.
According to the company, Alchemy will use the funding to focus on helping small- to mid-sized industrial customers overcome the technical and data-science resource mandates that are needed and often unattainable to deploy today’s expensive and highly complex IoT solutions.