Seeq closes Series B funding and adds Cisco Investments as new investor
Published by : Industrial Automation
Cisco Investments joins Saudi Aramco Energy Ventures, Altira Group, Chevron Technology Ventures, and Next47 to fund Seeq product and market expansion.
September 2020 – Seeq Corporation, a leader in manufacturing and Industrial Internet of Things (IIoT) advanced analytics software, announced recently 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 recognised 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 analyse, 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 organisations 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 capitalisation 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 analysing and sharing insights on process manufacturing data includes Workbench for easy to use advanced analytics, Organiser 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 fuelled 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.