Element industrial analytics vendor closes $18 million in series B financing

Element industrial analytics vendor closes $18 million in series B financing

While not focused on OT cybersecurity as such,  the industrial analytics vendor claims their AssetHub, is “the first data hub for managing industrial metadata, connects and transforms hundreds of diverse sources of IT/OT data, including the OSIsoft PI System, making it easy to consume in modern analytical applications.”

According to the company’s announcement on June 25, “As Industrial companies seek to gain increased productivity and additional benefits from analytics, IoT and the cloud, the implications for security are widespread,” said Jonathon Gordon, Directing Analyst at Takepoint Research.  “A strategy for securing the cloud and IoT is now be a crucial component of any industrial cybersecurity framework.”

AssetHub’s no-code development environment, modern architecture and intuitive user interface make using industrial data intuitive, fast and efficient. “Element’s unique platform unlocks the value of complex data generated by disparate assets across the industrial enterprise, enabling that data to be used by modern analytics and business applications within a flexible, cloud-based environment,” said David Lincoln of Activate Capital. “We view AssetHub as a critical link in realizing the potential of industrial data at scale – 95 percent of which remains unusable today – to drive the intelligent operations of tomorrow’s digital plants.”

“We’re impressed with Element’s solution and the need it fills within the industrial manufacturing ecosystem,” said Louis Rajczi of Forte Ventures. “The number of current Fortune 1000 Element customers and the diversity of use cases they represent are extremely impressive. We believe that the need to efficiently and reliably connect, transform and consume industrial data will grow exponentially in the next several years.”

In addition to Activate Capital and Forte Ventures, new investors participating in the round are Evonik Venture Capital, Kerogen Digital Solutions (KDS), and High Tide Foundation. Existing investors participating in the round are Kleiner Perkins Green Growth Fund, Ajax Strategies, Blue Bear Capital, Schneider Electric Ventures, Honeywell Ventures and ABB Technology Ventures.

“We’re pleased to expand our relationship as an investor in Element’s Series B funding round, and as an AssetHub innovation partner closely collaborating with Element as we move to the next important phases in our digital transformation,” said Bernhard Mohr, Head of Evonik Venture Capital.

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