IIoT company receives funding to enhance oil and gas market presence
Seeq has secured $23 million in Series B funding led by the Altira Group, which has extensive experience in oil & gas industry technologies and software.
Seeq Corp. has secured $23 million in Series B funding led by the Altira Group, with participation by Chevron Technology Ventures, next47, the Siemens-backed global venture firm, Second Avenue Partners, and other existing investors.
While funding is not a technology or functional issue, it is of interest to prospective users as it may be indicative of a software provider’s stability and ability to sustain a customer base for the long haul.
The funding, according to the company, allows it to expand development, sales, and marketing resources, and grow its presence in international markets, particularly in the oil & gas industry.
Seeq runs on-premise, on Microsoft Azure or Amazon Web Services cloud platforms, or in mixed on-premise and on-cloud deployments.
Altira Group of Denver has more than 20 years of investment experience in oil & gas software and technology startups. Altira’s investment in Seeq is via a partnership with a majority of the U.S. super-independent oil & gas operators, including Devon Energy, Pioneer Resources, Apache, and EQT.
"Finding the oil is not the problem; the challenge is producing the oil economically while anticipating fewer available human resources," said Chris Cheatwood, executive vice president and CTO at Pioneer Natural Resources.
Seeq partners with automation suppliers OSIsoft, Emerson Automation Solutions, Inductive Automation, Honeywell, Rockwell Automation, AspenTech, Schneider Electric, GE, Siemens, and others.
It expanded its target audience in 2018 from subject matter experts, such as process engineers, to include teams collaborating on projects, managers sharing production reports and analytics across the plant, and data scientists wrangling data for advanced algorithms.
Users run the server application on-premise, on a cluster, or in the cloud.
The latest release, R20, enables support for the integration of structured data from SQL Server, MySQL, and CSV files, as well as easier distribution of Seeq Workbench analyses to coworkers.
– Edited from a Seeq press release by CFE Media.
Original content can be found at Oil and Gas Engineering.