Norwegian machine learning company Arundo signs Statoil as customer, raises $4.9M at $20M valuation

Arundo, an Oslo, Norway-based competitive intelligence company that collects and analyzes data from thousands of sensors and the technology announced that it has both secured a contract with Statoil and received an additional NOK 40M ($5M) in financing through a private placement which values ​​the company at $20 million.

Arundo Analytics was founded in 2015.

The money goes to complete more of the technology development as well as recruitment of new people, says founder and CEO Tor Jakob Ramsøy.