Seeq Corp. announced that is has secured a US$24 million expansion of its Series B funding.
This expansion round is led by Saudi Aramco Energy Ventures (SAEV), the corporate venture subsidiary of Saudi Aramco. It includes renewed participation by Altira Group, Chevron Technology Ventures, Second Avenue Partners, and other existing investors.
Seeq enables engineers and scientists in process manufacturing organisations to rapidly analyse, predict, collaborate, and share insights to improve production outcomes.
Customers include companies in the oil and gas, pharmaceutical, chemical, energy, mining, food and beverage, and other process industries. The funding will accelerate Seeq’s expansion of development, sales, and marketing resources, and will also increase its presence in international markets.
“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,” comments James Sledzik, Venture Executive at SAEV. “We are pleased to be leading the effort enabling Seeq’s continued growth.”
Upon final closing, Seeq expects the Series B expansion to reach approximately US$30 million, 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,” said Steve Sliwa, CEO and co-founder of Seeq Corporation. “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 5000 users within one company.”
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