Cisco Investments joins Saudi Aramco Energy Ventures, Altira Group, Chevron Technology Ventures and Next47 to fund Seeq's product and market expansion.
A Seeq Corporation, a leader in advanced manufacturing and Industrial Internet of Things (IIoT) analytics software, today announced that it has closed its Series B expansion with an investment from Cisco Investments, as well as existing investors. The renewed participation comes from Saudi Aramco Energy Ventures, Altira Group, Chevron Technology Ventures, Second Avenue Partners, Next47, the Siemens Inc ventures group, and other existing investors. This round of investment will enable Seeq to further grow its business, which was recently recognized by Inc Magazine as No. 261 on its 2020 list of fastest growing companies, an improvement over 2019 when Seeq was ranked No. position 369.
Seeq enables engineers and scientists in process manufacturing organizations to analyze, predict, collaborate and share insights to improve production outcomes. Seeq's 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 in development, sales and marketing capabilities and help increase the company's presence in international markets.
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“We are pleased to end our Series B funding efforts with Cisco's support to enable manufacturing organizations to make data-driven decisions,” said Steve Sliwa, CEO and co-founder of Seeq. "With Seeq, 'data rich but information poor' is a thing of the past as customers can spend 80 or 90 percent of their time delivering business value rather than accessing data, preparation and calculations."
"Cisco Investments is excited to support Seeq on its journey to bring advanced data science capabilities to clients that accelerate operational and business results," said Amit Chaturvedy, senior director of Corporate Development at Cisco Investments. "Seeq's strong value proposition for the industrial market aligns well with Cisco's focus on IoT and digital business transformation."
Upon closing, the Series B expansion for Seeq will increase capitalization by approximately $30 million, in addition to previous Series B funding led by Altira Group and Saudi Aramco Energy Ventures, bringing total investment in Seeq since its inception to approximately $65 million.
Seeq's comprehensive suite of applications for analyzing and sharing insights into process manufacturing data includes Workbench for easy-to-use advanced analysis, Organizer for publishing reports and dashboards, and Data Lab for accessing Python libraries.
Seeq is available worldwide through a global partner network of systems integrators, who provide Seeq training and dealer support in more than 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 on the AWS Marketplace, is an AWS Industry Competency Partner, and supports many data storage services including Amazon Redshift, S3, as well as machine learning in SageMaker and other services.
On Azure, Seeq has been available on the Azure Marketplace since 2018 and was recently recognized as a finalist in the 2020 Microsoft Power Partner Awards. 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 a broad set of data storage platforms from automation vendors for local engagements, including OSIsoft, Siemens, GE, Honeywell, Emerson Automation Solutions, Inductive Automation, AVEVA, AspenTech, Yokogawa and others.
To learn more about Seeq, visit www.seeq.com.
About Seeq Corporation
Founded in 2013, Seeq publishes software applications for manufacturing organizations to quickly find and share data insights. Oil and gas, pharmaceuticals, specialty chemicals, utilities, renewable energy and many other verticals rely on Seeq to improve production outcomes including yield, margins, quality and safety. Headquartered in Seattle, Seeq is a virtual private company with employees in 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 subsidiary of Saudi Aramco, the world's leading fully integrated energy and petrochemical company. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV's mission is to invest globally in startups and high-growth companies with technologies of strategic importance to its parent company.
About the Altira Group
Altira Group LLC is a Denver, Colorado-based venture capital firm that works closely with entrepreneurs to scale emerging oil and gas, industrial technology and software companies. Founded in 1996, Altira has invested over $1 billion with partners in over 60 companies. Its Fund VI partners include a select group of super-independent US oil and gas companies that help accelerate the growth of Altira's portfolio companies serving large, fast-adopting clients. 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 USA Inc., pursues new business solutions and externally developed technologies that have the potential to improve the way Chevron produces and delivers affordable, reliable, and more and more clean. CTV promotes innovation, supporting vibrant startup ecosystems and championing technology integration internally. Through its investment portfolio and internal use pipeline that tests technologies for use at 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 (www.secondave.com) is a Seattle-based provider of management, strategy and capital for early stage companies. Formed in 2000, the company seeks strong entrepreneurial teams; innovative concepts with disruptive market 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.
