Arundo Analytics, a Houston, TX-based software company powering advanced analytics in heavy industry, held an initial closing of $25m on its Series A financing round.
Backers included Sundt AS, Stokke Industri, Horizon, Canica, Strømstangen and Arctic Fund Management and existing investors Stanford-StartX Fund and Northgate Partners.
The company, which has raised over $32.5m since its founding in 2015, intends to use the funds to expand sales and marketing efforts in asset-heavy industries, including the oil & gas, maritime, mining, chemicals, power and manufacturing sectors, as well as to continue to build on its team of software engineers and data scientists in Houston, Oslo and Palo Alto. Arundo recently added personnel to support global customers in Lausanne, Switzerland and London, UK.
Led by Tor Jakob Ramsøy, CEO, Arundo created a cloud-based software platform that allows operators, OEMs and service companies in heavy industries to integrate machine learning into their operations and drive business value from operating data in days or weeks, rather than months or years.
The software was purpose-built for deep industrial data science and advanced analytics, as well as machine learning applications in areas such as equipment monitoring and sensor anomaly detection.