Element, an Industrial Data Hub provider, today announced it has closed an $18 million Series B financing co-led by new investors Activate Capital and Forte Ventures that also included participation from other new and existing investors. As part of the investment, Element is adding to its board of directors David Lincoln, managing director of Activate Capital, and Louis Rajczi, partner at Forte Ventures. The funding comes as Element gains customers in the chemical, power, agriculture and oil/gas markets, and as it expands enterprise-wide deployments.
With total funding of $40 million since its inception, Element is delivering on its mission of enabling organizations to efficiently connect, transform and share industrial data. That data is then used to improve efficiency, operational performance, and workplace safety.
Element AssetHub, 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. 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.
“This financing is the latest example of Element’s momentum on multiple fronts,” said Andy Bane, CEO of Element. “We welcome our new investors who work at the confluence of enterprise SaaS and industrial transformation. The funding will help Element achieve the next level of performance on behalf of our customers who are solving their most challenging problems through data.”
Element provides software for industrial organizations to more efficiently transform their diverse sources of industrial data, empowering their teams to find new insights that improve operational performance, resulting in hundreds of millions of dollars of value, and cleaner, safer, healthier operations. Element AssetHub™ automates the data preparation burdens associated with industrial data, freeing up time and resources to focus on analytical applications that improve business performance. Element Asset Framework Accelerator is a purpose-built offering for OSIsoft PI System customers who want to build enterprise-grade PI AFs fast for analysis of their enterprise PI data. Element’s industrial customers represent over $500 billion in revenue, $300 billion in fixed assets and 350,000 employees. For more information please visit: www.elementanalyics.com.
About Activate Capital
Activate Capital Partners is a leading growth equity partner to companies providing innovative solutions across the energy, transportation and industrial technology markets. With offices in San Francisco and Philadelphia, the firm partners with entrepreneurial management teams in high growth companies using technology to transform large industrial markets making the world more efficient, intelligent and sustainable. The partners have collectively invested over $1 billion across their target sectors, resulting in 30 successful exits through IPO and M&A. For more information please visit: www.activatecp.com
About Forte Ventures
Forte Ventures is a multi-stage venture capital firm that collaborates and co-invests with corporate strategic partners in technology companies across diversified industry sectors throughout North America. Focus areas include Information Technology, Insurance Tech, Financial Tech, Mobility, On-Demand Tech/Services, Cybersecurity, IoT and Industrial Tech. Initial investments generally range between $1-3 million and typically include participation from leading corporate strategic partners as co-investors. Forte Ventures has offices in Atlanta and Silicon Valley. For more information please visit www.forteventures.com.
About Evonik Venture Capital
The corporate venture capital company of Evonik. With a fund size of EUR 250 million, Evonik Venture Capital (EVC) has realized more than 30 investments since 2012, both direct and fund investments. EVC has offices in Germany, the U.S.A. and China, and invests in innovative companies with disruptive technologies and high growth potential in the fields of Additive Manufacturing, Advanced Food Ingredients, Cosmetic Solutions, Healthcare Solutions, Membranes and Sustainable Nutrition, as well as Enabling Digital Technologies. EVC’s investment professionals provide comprehensive support to its portfolio companies. EVC invests worldwide from early stage to growth/later stage and an investment volume per portfolio company of up to €15 million. Further information is available at http://venturing.evonik.com