Olea Edge Analytics, an Austin, Texas-based intelligent edge computing platform for the water utility industry, closed a $35m Series C funding round.
The round was led by Insight Partners. In conjunction with the funding, Nicole Shimer, Vice President at Insight Partners, will join Olea Edge Analytics’ board of directors, while Alexandra Lundin, Associate at Insight Partners, has been appointed as a board observer.
The company intends to use the funds to accelerate hiring across all departments and further develop their AI and edge computing-based solutions to help utilities manage water.
Through a combination of AI, machine learning and edge computing, Olea Edge Analytics pinpoints trouble spots in a municipal water system. A full suite of sensors combined with advanced analytics monitor and manage each component throughout the network, giving utility departments insights and recommendations on how to return their resources to optimal performance. Led by CEO Dave Mackie, the company has now raised a total of $50.6m.
FinSMEs
06/10/2021