IIOT company Andium raises $15m in Series A round
Andium, a New York City-based industrial internet of things (IIOT) company, which provides remote-field monitoring and communications technologies, has raised $15 million in a Series A round.
The funding round was led by OGCI Climate Investments (OGCI CI). It also saw the participation from existing investors – Tom Miglis and Talis Capital.
Andium said that the proceeds from the funding round will continue in pushing product growth and innovation, and also in investing in talent. Furthermore, it will be used for expediting the deployment of the company’s video solutions product lines for flare monitoring, object detection, and tank telemetry.
Jory Schwach – CEO of Andium said: “We believe that visibility is paramount in change leadership and operational excellence, and our remote monitoring technologies are specifically designed to offer companies an expedited path to achieve their sustainability goals.
“We are pleased to welcome OGCI CI as a new investor and advisor as we continue helping companies decarbonize through digitalization.”
IIOT company Andium raises $15m in Series A round. Image courtesy of Gerd Altmann from Pixabay.
Andium’s monitoring products by using an end-to-end operating system, provide verifiable, real-time information from remote locations for oil and gas companies.
Pratima Rangarajan – CEO of OGCI Climate Investments said: “The transparency created by monitoring and measuring methane is essential to reducing emissions.
“Andium’s low-cost innovative solution lowers the barrier for operators of all sizes to adopt and implement best practices and we are pleased to support their growth.”