- September 08, 2020
Cisco Investments joins Saudi Aramco Energy Ventures, Altira Group, Chevron Technology Ventures, and Next47 to fund Seeq product and market expansion.
Seattle, Wash. - USA - Sept. 9, 2020 - Seeq Corporation, a leader in manufacturing and Industrial Internet of Things (IIoT) advanced analytics software, announced today that is has closed its Series B expansion with an investment from Cisco Investments, as well as existing investors.
Renewed participation comes from Saudi Aramco Energy Ventures, Altira Group, Chevron Technology Ventures, Second Avenue Partners, Next47, the venture group for Siemens Inc, and other existing investors. This round of investment will enable Seeq to further the growth of its business which was recently recognized by Inc Magazine as #261 on their 2020 list of the Fastest Growing Companies, an improvement from 2019 when Seeq was ranked #369.
Seeq enables engineers and scientists in process manufacturing organizations to rapidly analyze, predict, collaborate, and share insights to improve production outcomes. Seeq customers include companies in the oil and gas, pharmaceutical, chemical, energy, mining, food and beverage, and other process industries. This funding will accelerate Seeq’s expansion of development, sales and marketing resources, and help increase the company’s presence in international markets.
“We are pleased to close our Series B funding efforts with the support of Cisco to enable manufacturing organizations to make data-driven decisions,” says Steve Sliwa, CEO and co-founder of Seeq. “With Seeq, ‘data rich but information poor’ is in the past as customers can spend 80 or 90 percent of their time delivering business value instead of in data access, preparation, and calculations.”
“Cisco Investments is excited to support Seeq in their journey to bring advanced data science capabilities to customers to accelerate operational and business outcomes,” said Amit Chaturvedy, senior director, Corporate Development and Cisco Investments. "Seeq's strong value proposition for the industrial market aligns well with Cisco's focus on IoT and digital transformation of businesses."
Upon closing, the Series B expansion for Seeq will increase capitalization by approximately $30 million, which is in addition to previous Series B funding led by Altira Group and Saudi Aramco Energy Ventures, bringing the total investment in Seeq since its inception to approximately $65 million.
Seeq’s comprehensive set of applications for analyzing and sharing insights on process manufacturing data includes Workbench for easy to use advanced analytics, Organizer for publishing reports and dashboards, and Data Lab for accessing Python libraries.
Seeq is available worldwide through a global partner network of system integrators, which provides training and resale support for Seeq in over 40 countries, in addition to its direct sales organization in North America and Europe.
Seeq’s rapid growth is being fueled in part by its partnerships and commitment to cloud-based computing. Seeq is available in the AWS marketplace, is an AWS Industrial Competency Partner, and supports many data storage services, including Amazon Redshift, S3, plus machine learning in SageMaker, and other services.
On Azure, Seeq has been available in the Azure Marketplace since 2018 and was recently recognized as a 2020 Microsoft Energy Partner of the Year Finalist. Support for Azure services includes Azure Synapse, Azure Data Lake, Azure Data Explorer, Azure Time Series Insights, Azure Notebooks for machine learning integration, and Power Automate.
In addition to cloud partnerships, Seeq connects to an extensive set of automation vendor data storage platforms for on premise engagements including OSIsoft, Siemens, GE, Honeywell, Emerson Automation Solutions, Inductive Automation, AVEVA, AspenTech, Yokogawa, and others.
About Seeq Corporation
Founded in 2013, Seeq publishes software applications for manufacturing organizations to rapidly find and share data insights. Oil & gas, pharmaceutical, specialty chemical, utility, renewable energy and numerous other vertical industries rely on Seeq to improve production outcomes, including yield, margins, quality, and safety. Headquartered in Seattle, Seeq is a privately held virtual company with employees across the United States and sales representation in Asia, Canada, Europe, and South America.
About Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Saudi Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in start-up and high growth companies with technologies of strategic importance to its parent.
About Altira Group
Altira Group is a Denver-based venture capital firm that works closely with entrepreneurs to scale emerging oilfield and industrial technology and software companies. Founded in 1996, Altira has invested over $1B with partners in over 60 companies. Its Fund VI partners include a select group of U.S. super-independent oil and gas companies that help accelerate the growth of Altira's portfolio companies by serving as large, fast-adopting customers. The Altira team has over half a century of combined experience building successful technology companies. www.altiragroup.com
About Chevron Technology Ventures
Formed in 1999, Chevron Technology Ventures (CTV), operating as a division of Chevron U.S.A. Inc., pursues new business solutions and externally-developed technologies that have the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy. CTV fosters innovation, supporting vibrant startup ecosystems and championing technology integration internally. Through its investment portfolio and internal use pipeline that trials technologies for use within Chevron, CTV has supported a wide range of pioneering companies that are helping to shape the future of energy.
About Second Avenue Partners
Second Avenue Partners is a Seattle-based provider of management, strategy, and capital for early stage companies. Formed in 2000, the firm seeks strong entrepreneurial teams; innovative concepts with market-disruptive opportunities; and models that take advantage of cutting-edge technologies. Second Avenue Partners was an early investor in companies such as Insitu, Wiserg, and MarketLeader.
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