Having worked with several venture-funded startups over the years, the question of how many go from Series A funding to Series B funding and then onto Series C funding is intriguing. It’s not just enough to ask what the survival rate of the companies that make it from round to round, but the overall question is of the companies’ startup survival and technology. Less than 10 to 18% make it to Series C, and less than 22% get to Series B funding. A few companies get acquired on the way, but most of them just never get beyond Series A.
This context makes Seeq’s recent announcement of a $50 Million Series C round led by Insight Partners – with participation from prior investors Altira Group, Cisco Investments, Chevron Technology Ventures, Saudi Aramco Energy Ventures, and Siemens/Next47 – impressive and speaks to their advanced analytics offering.
Insight Partners is a leading global venture capital and private equity firm investing in high-growth companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. And it can be difficult to understand the difference in different technologies and the related investment confidence.
Investing in Advanced Analytics Software
Seeq software applications enables engineers and scientists in process manufacturing organizations to rapidly analyze, predict, collaborate, and share insights to improve production and business outcomes. Seeq customers include companies in the oil and gas, pharmaceutical, chemical, energy, mining, food and beverage, and other process industries. This funding will accelerate Seeq’s expansion of development, sales, and marketing resources, and help increase the company’s presence in international markets.
We are pleased to close our Series C funding efforts with the support of Insight Partners to scale our business and enable manufacturing organizations to make data-driven decisions,” said Steve Sliwa, CEO and Co-Founder of Seeq. “By leveraging big data, machine learning, and computer science innovations, Seeq is enabling a new generation of software-led insights.
Seeq’s comprehensive set of applications for analyzing and sharing insights on process manufacturing data includes Workbench for easy-to-use advanced analytics, Organizer for publishing reports and dashboards, Data Lab for accessing Python libraries, and Cortex for IT governance, data connectivity, and calculation features.
Seeq has established themselves as the leader in process manufacturing and IIoT analytics, and we believe they will continue to transform the way companies find and share insights and make faster decisions," says Matt Koran, Vice President at Insight Partners. "The company has achieved incredible growth to date, and we are excited to partner with them to help execute their vision for a new generation of machine-learning enabled analytics.
Seeq was recognized in 2020 by Inc. Magazine as #261 on their 2020 list of the Fastest Growing Companies, #76 on Deloitte’s Technology Fast 500, and chosen as a Red Herring Top 100 North American winner. And, ARC has been working with them since inception. Seeq’s rapid growth is being fueled in part by its partnerships and commitment to cloud-based computing. Seeq is available in the AWS Marketplace and is an AWS Industrial Competency Partner. On Azure, Seeq has been available in the Azure Marketplace since 2019 and was recently recognized as a 2020 Microsoft Energy Partner of the Year Finalist.
In addition to cloud partnerships, Seeq connects to an extensive set of automation vendor data storage platforms for on premise engagements, including OSIsoft, Siemens, GE, Honeywell, Emerson Automation Solutions, Inductive Automation, AVEVA, AspenTech, Yokogawa, and others. Seeq is available worldwide through a global partner network of system integrators, which provides training and resale support for Seeq in over 25 countries, in addition to its direct sales organization in North America and Europe.