The amount of the transaction was not disclosed.
Led by Jim Dechman, President and CEO, Veros offers Veros ForeSight™, an industrial asset monitoring system that provides a dashboard with real-time operating metrics and clear, early warnings, with zero false alarms.
The non-invasive, self-learning system interfaces at the motor control center or variable frequency drive enclosure, typically found top-side in off-shore and subsea applications. Proprietary software algorithms convert three phase voltage/current signals into real-time operating information, such as efficiency, shaft torque, mechanical load and power consumption.
Other investors in the company include Austin Ventures, Chevron Technology Ventures and LiveOak Venture Partners.