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Seeq secures $24 million to fund advanced analytics growth strategy

Seeq Corporation, a provider of manufacturing and Industrial Internet of Things (IIoT) advanced analytics software, has secured a $24 million (€21.6 million) expansion of its Series B funding, which will help the company fuel its advanced analytics growth strategy.

The expansion round was led by Saudi Aramco corporate venture subsidiary Saudi Aramco Energy Ventures (SAEV), with contributions from Altira Group, Chevron Technology Ventures, Second Avenue Partners and other existing investors.

The funding will accelerate Seeq’s expansion of development, sales and marketing resources, as well as increasing its presence in international markets. The company’s customers include those in the oil and gas, pharmaceutical, chemical, energy, mining, food and beverage, and other process industries.

“Seeq is providing an important improvement in software for customers in process industries to accelerate insights, action, and impact on their production and business outcomes,” said James Sledzik, venture executive at SAEV. “We are pleased to be leading the effort enabling Seeq’s continued growth.”

Seeq expects the funding expansion to reach approximately $30 million (€27 million) by the time the Series B closes, which is in addition to Series B funding led by Altira Group.

“With the backing of SAEV and our existing investors, Seeq is positioned to continue its rapid growth by addressing market demand for advanced analytics innovation,” added Steve Sliwa, CEO and co-founder of Seeq. “Through our direct sales personnel and more than 50 channel partners, our customer base has expanded to more than 40 countries with deployments as large at 5,000 users within one company.”