Category: Financial / Investment
Arundo Analytics, a software company powering advanced analytics in heavy industry, announced today an initial closing of $25 million on its Series A financing round. To date, the company has raised over $32.5 million since its founding in 2015.
“This investment is a validation of the product and market strategy our team pursued over the last two years,” said Tor Jakob Ramsøy, CEO of Arundo. “We created flexible, user-friendly software that allows operators, OEMs and service companies in heavy industries to quickly integrate machine learning into their operations. With Arundo’s software, our customers can drive business value from operating data in days or weeks, rather than months or years. This resonates with both our customers and our investors.”
Several leading investors joined in this round, including Sundt AS, Stokke Industri, Horizon, Canica, Strømstangen and Arctic Fund Management. Existing investors also participated, including Stanford-StartX Fund and Northgate Partners.
While companies in sectors such as consumer Internet use the latest machine learning techniques to improve business outcomes, many heavy industrial companies are unable to capitalize on their data. This is due to a combination of legacy assets and challenging operating conditions. As a result, operational data often sits unused. Arundo Analytics solves this challenge with cloud-based, edge-enabled software purpose-built for deep industrial data science and advanced analytics, as well as machine learning applications in areas such as equipment monitoring and sensor anomaly detection.
“Our heritage is rooted in the maritime industry and we understand the challenges and opportunities presented by advanced analytics in such heavy industrial settings,” said Leiv Askvig, CEO of Sundt AS. “We are excited by the team, products and market opportunity of Arundo.”
Arundo plans to use the funds to expand sales and marketing efforts in asset-heavy industries, including the oil & gas, maritime, mining, chemicals, power and manufacturing sectors, as well as to continue to build on its team of world-class software engineers and data scientists in Houston, Oslo and Palo Alto. The company recently added personnel to support global customers in Lausanne, Switzerland and London, UK. It continues to grow its presence in major industrial markets around the world.
With offices in Oslo, Houston and Silicon Valley, Arundo Analytics provides cloud-based and edge-enabled software for the deployment and management of enterprise-scale industrial data science solutions. Arundo’s software allows industrial companies and other organizations to increase revenue, reduce costs and mitigate risks through machine learning and other analytical solutions that connect industrial data to advanced models and connect model insights to business decisions. In 2016, Arundo graduated from Stanford University’s StartX accelerator program, and subsequently received investment from the Stanford-StartX Fund. In 2017, Arundo was named to the MIT STEX25 by the Massachusetts Institute of Technology Startup Exchange (MIT STEX). MIT STEX25 recognizes select companies from a pool of more than 1,000 MIT-connected startups as being particularly well-suited for industry collaboration based on technical and commercial success. For more information, please visit www.arundo.com, or follow Arundo Analytics on Twitter @arundoanalytics.