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Saudi Aramco Energy Ventures joins leading firms to invest US$24mn in Seeq

Industry

Seeq Corporation, manufacturing and industrial internet of things (IIoT) advanced analytics software provider, has secured a US$24mn expansion of its Series B funding, led by Saudi Aramco Energy Ventures (SAEV), the corporate venture subsidiary of 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 organisations to rapidly analyse, 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.

“Seeq is providing an important improvement in software for customers in process industries to accelerate insights, action and impact on their production and business outcomes,” commented James Sledzik, venture executive at SAEV.

Upon final closing, Seeq expects the Series B expansion to reach approximately US$30mn, 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,” says 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.”

Last month, Seeq achieved Amazon Web Services (AWS) Industrial Software Competency status and that its advanced analytics solution was available in the AWS Marketplace. These achievements will enable Seeq customers to rapidly investigate and share insights from process manufacturing data stored either on-premise or in the AWS cloud. 

In addition to cloud support, Seeq partners with an extensive set of process automation vendors for on-premise deployments by connecting to and working with systems sold by OSIsoft, Siemens, GE, Honeywell, Emerson Automation Solutions, Inductive Automation, AVEVA, AspenTech, Schneider Electric, and others.

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.

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