It has been announced that Seeq Corporation has secured $23M in Series B funding led by the Altira Group with participation by Chevron Technology Ventures, next47, the Siemens-backed global venture firm, Second Avenue Partners and other existing investors.
The funding enables Seeq to significantly expand its development, sales and marketing resources, and also increase its presence in international markets.
Steve Sliwa, CEO and co-founder of Seeq Corporation, stated: “Seeq leverages innovations in big data, machine learning, and open source technologies to enable plant operations, engineering and management personnel to find and share insights in a matter of minutes instead of days or weeks. Our collaboration with the Altira Group and other investors speaks to the need for new analytics offerings for manufacturing customers.”
Seeq’s software applications, Seeq Workbench and Seeq Organizer, enable manufacturing organisations to rapidly analyse, predict, collaborate, and distribute insights to improve production outcomes. Seeq is designed to run on premise, on Microsoft Azure or Amazon Web Services cloud platforms, or in mixed on-premise and on-cloud deployments.
Altira Group, headquartered in Denver, Colorado, has over 20 years of investment experience in oil and gas software and technology startups.
J.P. Bauman, Principal at Altira Group, commented: “Seeq is providing an important improvement in software for customers in manufacturing industries to accelerate insights, action, and impact on their production and business outcomes. We are pleased to be leading the effort to enable Seeq’s continued growth.”
Altira’s investment in Seeq is via a partnership with a majority of the U.S. super independent oil and gas operators, including Devon Energy (DVN), Pioneer Resources (PXD), Apache (APA), and EQT (EQT).
Chris Cheatwood, Executive Vice President and CTO at Pioneer Natural Resources, added: “Finding the oil is not the problem; the challenge is producing the oil economically while anticipating fewer available human resources. Seeq empowers our prized engineers, SMEs and managers to more effectively get value out of our data and improve operational efficiency.”
Seeq’s opportunity is the large and growing manufacturing and IIoT analytics market, and has multiple vectors for creating business value, including opportunities by industry, vendor, audience, and deployment.
Craig Resnick, Vice President, ARC Advisory Group, said: “As seen in ARC Industry Forum presentations, Seeq benefits its customers by making it easier for them to gain and share intelligence from their manufacturing data. With Altira Group and strategic investors next47 and Chevron Technology Ventures, Seeq is gaining recognition for its ability to help users make better decisions, faster in operating environments.”
Seeq’s latest release, R20, introduces new features enabling support for the integration of structured data from SQL Server, MySQL, and CSV files, as well as easier distribution of Seeq Workbench analyses to co-workers.