Arundo Analytics raises $25M Series A funding to provide advanced analytics for the heavy industry.
Arundo Analytics, an Oslo, Norway and Houston, USA-baseda software company powering advanced analytics in heavy industry, announced an initial closing of $25 million on its Series A financing round.
The money comes from a range of investors including Sundt AS, Stokke Industri, Horizon, Canica, Strømstangen and Arctic Fund Management and existing investors Stanford-StartX Fund and Northgate Partners.
The funding is intended to expand sales and marketing efforts in asset-heavy industries, including the oil & gas, maritime, mining, chemicals, power and manufacturing sectors, as well as to continue to build on its team of software engineers and data scientists in Houston, Oslo and Palo Alto.
Arundo Analytics, founded in 2015 and led by CEO Tor Jakob Ramsøy, developed a cloud-based, edge-enabled software purpose-built for deep industrial data science and advanced analytics, as well as machine learning applications in areas such as equipment monitoring and sensor anomaly detection.
The company leaves from the idea that while companies in sectors such as consumer Internet use the latest machine learning techniques to improve business outcomes, many heavy industrial companies are unable to capitalize on their data. This is due to a combination of legacy assets and challenging operating conditions.
To date, Arundo Analytics has raised over $32.5 million since its founding in 2015. In 2016, Arundo graduated from Stanford University’s StartX accelerator program, and subsequently received investment from the Stanford-StartX Fund.
Arundo Analytics is also one of the companies we anticipated it was going to raise money to further grow.