Exclusive: Aperio raises $9M to scrub industrial data
Aperio has raised $9 million in a Series A extension to help energy providers sort through millions of data points to increase uptime — and avoid disaster.
Why it matters: Electronic sensors are only as effective as the humans who use them.
How it works: Power plants, refineries, pipeline operators, and factories have deployed millions of sensors to boost efficiency, detect problems and cut greenhouse gas emissions.
- That's unleashed an ocean of data. And before it can even be interpreted, it needs to be cleaned to fix missing information, faulty readings, or other problems.
- Aperio's software compares historical data to current readings to flag anomalies.
What they're saying: "If you make business decisions on poor data, you're going to have poor businesses," CEO Jonas Hellgren tells Axios.
Driving the news: Momenta led the company's all-equity extension, which closed Aug. 3.
- Chevron Technology Ventures, NextEra Energy, National Grid Partners, Delek US, and Israeli oil refinery and chemicals company Bazan Group joined.
Of note: The Boston-based startup previously raised $8.5 million in its initial Series A in October 2020.
- "The Series A round was relatively small," National Grid Partners vice president Andre Turenne tells Axios. "Companies require a bit more capital to get to Series B metrics."
What's next: Aperio is using the capital to add to its team to meet surging demand. About 75% of the company's business is in the U.S. and the rest is in Europe.