Industrial IoT Analytics Startup Seeq Raises $24 Million, New Filing Shows

The newly disclosed funding comes as the Seattle-based startup, which provides advanced analytics software for manufacturing data, seeks to expand its roster of channel partners.

Industrial IoT analytics startup Seeq has raised a fresh $24 million from investors, according to a Monday filing with the U.S. Securities and Exchange Commission.

The filing states that the Seattle-based company has sold a total of $24.3 million for an equity offering that had its first sale on Dec. 10. The company is seeking to raise $29.9 million total.

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Seeq did not immediately respond to a request for comment.

Seeq's software provides advanced analytics for manufacturing data that companies are already collecting from sensors and machines, giving them the ability to diagnose problems, monitor systems in real time, and predict when systems will fail or require maintenance.

The company previously raised a $23 million Series B funding round that was announced in July 2018 and was led by the Altira Group, a Denver-based venture capital firm supported by large independent oil and gas operators. Siemens-backed next47, Chevron Technology Ventures and other investors also participated in that round.

At the time of the Series B announcement, Michael Risse, Seeq's CMO and co-founder, told CRN that the company was seeking to double its roster of channel partners, which amounted to roughly 40 in mid-2018, after it started working with value-added resellers and systems integrators the year before.

"Our real goal is about geographic and vertical coverage," he had said.

According to a Wall Street Journal story published in early December, Seeq has more than 100 employees across the world. In August, the company was ranked No. 369 on the Inc. 5000 list of the fastest-growing private companies in the U.S. The company's 2018 revenue was $3.1 million, a 1,240 percent increase over the previous three years, according to its Inc. 5000 listing.