Veros Systems, an Austin, Texas-based industrial artificial intelligence company, closed a $2.2M Series C financing.
The round was led by Shell Ventures with participation from Austin Ventures, Chevron Technology Ventures, and LiveOak Venture Partners.
The company will use the capital to expand its installed base and capabilities for Cloud computing.
Led by Jim Dechman, president & CEO, Veros uses electrical data to monitor the health and performance of industrial machinery. The company applies innovative data capture techniques and machine learning algorithms to electrical waveforms in industrial machines to continuously monitor rotating equipment health, gain real-time insights into operating performance and proactively predict failures. Enterprises implement Veros technology on a standalone monitoring platform, in the Cloud, or embedded within existing power distribution, metering and monitoring hardware.