Seeq, a Seattle-based maker of analytics software for manufacturers, just raised $24 million in fresh cash.
The deal is an expansion of a Series B round from mid-2018 that brings total funding to date to nearly $60 million. Saudi Aramco Energy Ventures (SAEV) led the round. SAEV is the investment arm of Saudi Aramco, the state-owned oil giant that just completed the world’s biggest IPO. Existing investors Altira Group, Chevron Technology Ventures and Second Avenue Partners also participated in the round.
Seeq expects to add another $6 million to the Series B expansion by the time it closes, bringing the deal to approximately $30 million.
The company helps customers across 40 countries in various industries analyze their data and provide production insights, both on-premise and in the cloud.
It pulls numbers from sensors and instrument systems to help answer questions like, “When did the pump draw more than 38 kW?” or, “When was temperature colder than 100°F?” or, “How much of my product was manufactured under those conditions?”
Seeq is led by CEO Steve Sliwa, who started the company in 2013 after he sold his previous startup, unmanned aircraft maker Insitu, to Boeing for a reported purchase price of $400 million in 2008.
Today, Seeq has 120 employees, more than doubling its headcount in the last 18 months. Its customers include energy heavyweights like Royal Dutch Shell, pharmaceutical leaders such as Merck and Roche, and chemical giants Lonza and Covestro.
“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,” James Sledzik, Venture Executive at SAEV, said in a statement.
The company plans to use the cash infusion to expand development, sales, and marketing. Seeq will also grow its presence in international markets.