Element, a San Francisco, CA-based Industrial Data Hub provider, closed an $18m Series B financing.
The round was co-led by new investors Activate Capital and Forte Ventures with participation from Evonik Venture Capital, Kerogen Digital Solutions (KDS), and High Tide Foundation and existing investors Kleiner Perkins Green Growth Fund, Ajax Strategies, Blue Bear Capital, Schneider Electric Ventures, Honeywell Ventures and ABB Technology Ventures. As part of the investment, Element is adding to its board of directors David Lincoln, managing director of Activate Capital, and Louis Rajczi, partner at Forte Ventures.
The company intends to use the funds to continue to expand operations and its business reach.
Led by Andy Bane, CEO, Element provides software for industrial organizations to transform their diverse sources of industrial data, enabling their teams to find new insights that improve operational performance. Element AssetHub, a data hub for managing industrial metadata, connects and transforms hundreds of diverse sources of IT/OT data, including the OSIsoft PI System, making it easy to consume in modern analytical applications. Element Asset Framework Accelerator is a purpose-built offering for OSIsoft PI System customers who want to build enterprise-grade PI AFs fast for analysis of their enterprise PI data.