Olea Edge Analytics, an Austin, TX-based provider of a platform to optimize water delivery, billing and conservation by combining IoT and edge computing capabilities, completed a $9m Series B round of funding.
The round was led by Renewal Funds with participation from existing investors Ananta Family Office and Mercury Fund. In conjunction with the funding, Mike Cormack of Renewal Funds and Jaideep Khanna of Ananta Family Office will join the Olea Board of Directors.
The company intends to use the funds for product expansion of its AI-enabled IoT water distribution management solution into municipal water utilities across the U.S.
Led by Dave Mackie, chief executive officer, Olea provides an AI and machine learning water management and revenue recovery technology platform to top water utilities in the U.S. The company is currently implementing phased rollouts of its solution in several other major cities.