Element Analytics Raises $19.5 Million

Staff

7 years ago

Element Analytics today announced Series A funding of $19.5 million from leading 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 additional private investors focused on energy transformation.

Element Analytics’ software 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 Platform™ creates and maintains “Digital Twins”– dynamic digital representations of physical equipment and assets – to enable comprehensive and accurate analysis.

“LNS Research sees the ability quickly to create a scalable and extensible data model that spans the industrial value chain as the biggest problem to be solved in the whole IoT space,” said Matthew Littlefield, president and principal analyst at LNS Research. “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.”

The company plans to use the funding to invest in software development, market development and operations.

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