sensemetrics Inc., the company that transforms sensor data into real time situational awareness, active risk management and safety solutions for the world’s largest enterprises in mining, dams, energy and the industrial machine sector, has announced it has completed a Series A financing round to advance its global growth in the Industrial IoT (IIoT) sensor market. With the addition of the new funding, the San Diego-based company, founded in 2014, has received more than US$10 million in financing to date.
The Series A funding round is led by X2 I Equity, a leading investor in growth stage industrial high tech companies based in Munich with offices in the US and China. Existing investors, including Mooring Ventures and Three Curve Capital, will join X2 | Equity in the round.
sensemetrics serves Fortune 500 companies and other businesses, offering an innovative IIoT sensor platform that reduces the cost and complexity of introducing IoT strategies into industrial environments. It will use the financing to further develop its engineering capabilities as well as its core platform, and increase sales and support functions in San Diego (California) and Denver (Colorado) to expand its presence in core verticals in its growing North American Free Trade Agreement (NAFTA) business.
“sensemetrics evaluated numerous financing options when looking towards our next phase of growth,” said Matt Meehan, CEO, sensemetrics. “The decision to partner with X2 Equity was driven by their deep background in industrial technologies as well as the support structure that they have put in place to be an active force in expanding our core technology into new regions and markets. As we build on the market-leading solutions that sensemetrics has delivered to the industrial market since our launch, the experience of the senior team at X2 will be a major asset to the further development of our platform, driving significant value for our clients.”
Global growth, new X2 board member
Proceeds will also be used to establish new sales, operations, and distribution channels in Europe, the Middle East and Africa (EMEA) and key Asian growth regions such as China; and for the development of new use cases in adjacent industrial applications and markets. X2’s presence across these geographies will play a key role in supporting this expansion. X2 I Equity will be represented by CEO and Founder Marc Sperschneider, who will also be joining the sensemetrics board.
“sensemetrics has quickly developed a leadership position in the NAFTA IIoT market,” said Sameer Patel, Managing Director, X2 Equity North America. “Their explosive growth over the last few years, combined with their innovative IIoT sensor technology, is tremendously impressive. We see them strengthening their IIoT lead through access to the X2 platform and network and view them as a highly complementary addition to our test and measurement hardware portfolio. All of us at X2 I Equity look forward to playing a role in their future growth.”
Read the article online at: https://www.globalminingreview.com/finance-business/11122018/sensemetrics-to-announce-completion-of-series-a-round-of-financing/