Seeq today announced a $23 million Series B round led by the Altira Group, a venture capital firm focused on the oil and gas industry. Second Avenue Partners and the venture arms of Chevron and Siemens also participated.
The Seattle startup helps process manufacturing organizations better understand their data. Seeq helps 100 customers across the world in various industries — oil and gas; food and beverage; metals and mining — 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?” The software also uses machine learning and produces data visualizations.
Seeq is led by CEO Steve Sliwa, who started the company in 2012 after he sold his previous startup, unmanned aircraft maker Insitu, to Boeing for a reported purchase price of $400 million in 2008.
“Seeq’s unique value is leveraging big data, machine learning, and other innovations to enable a self-service application for data and users specific to process manufacturing,” said Seeq CEO Steve Sliwa. “This enables users to focus on the problem they are solving rather than the technology so they can benefit from predictive analytics, improved plant outcomes (i.e. yield, quality, asset uptime, etc.) and faster time to insight.”
Seeq has raised $34 million to date and employs more than 50 people.