CALGARY, Alberta, July 08, 2020 (GLOBE NEWSWIRE) -- SensorUp, a Calgary-based SaaS provider in the movement intelligence space, today announced the closing of a $6M Series-A financing led by
Evok Innovations. In addition to Evok, the Series A consortium includes new investors InterGen and Export Development Canada plus previous investors Vanedge Capital and Bluesky Equities. The equity investment will be used by the company to accelerate development of their technology roadmap and expand their market of industrial customers.
The North America market for Real-time IoT Analytics in Oil and Gas, Public Safety, Military and Logistics was roughly $2.2 Billion in 2018. The projected CAGR of this segment is 23.5% growing to $4.7B by 2023. The SensorUp platform connects all the data from industrial assets and third-party systems in order to provide historical and real-time insights for critical decision making and the automation of routine tasks.
"There’s a huge appetite for clients in industrial operations to not only look at their long-term digital transformation in order to stay competitive but also to deliver short-term solutions that automate their moving operations and protect their workforce in a post-pandemic world," said Geoff Mair, SensorUp CEO. “This funding will help us accelerate our product development and go-to-market efforts.”
SensorUp is a NATO-award winning IoT platform for geospatial. It optimizes and automates complex physical operations by aggregating disparate sensor and operational data, extracting actionable insights with geospatial-AI, and dispatching resources with an automation engine.
SensorUp Founder and CTO, Dr. Steve Liang, led the development of key IoT data standards with the Open Geospatial Consortium (OGC) and the US Department of Homeland Security to ensure that SensorUp’s technology is interoperable, future-proof, scalable, and secure.
"We’re helping some of the world's most demanding organizations unleash the real potential of IoT and AI by interweaving their disparate IoT systems into a system of systems,” said Liang. “There’s an enormous amount of geospatial and AI talent in our own backyard to develop a world-class center for movement intelligence.”
SensorUp will join a deep roster of companies in the Evok Innovations portfolio.
“We were very impressed with the SensorUp platform, as it addresses one of the major pain points of modern industrial enterprises: interoperability,” said Marty Reed, CEO of Evok Innovations. “By integrating data from any sensor or third-party system, SensorUp provides a single source of truth for operational leaders. The team has already demonstrated great traction with key industry brands in North America. By working together, we see an accelerated product roadmap and even greater revenue growth.”
For more information, please contact:
Thao Ngo
VP Marketing, SensorUp
marketing@sensorup.com
About SensorUp Inc.
The SensorUp location intelligence platform aggregates infinite sources of data into a common operating picture for complex operations of industries such as oil and gas, logistics, public safety and the military. Operations teams can make just-in-time critical decisions, automate efficiencies and achieve global visibility of assets and people. Customers can identify hidden patterns that are traditionally overlooked and predict outcomes—resulting in millions of dollars in savings and reductions in worker safety cases. Using the international standard specification edited by SensorUp Founder Dr. Steve Liang, the SensorUp platform provides customers with a standards-based platform to future proof their investment and easily integrate new best-of-breed technologies. Learn more at www.sensorup.com.
About Evok Innovations
Evok is a fund that offers a unique approach to innovation, combining the pace and creativity of a Silicon Valley startup with the experience and insight of industry insiders. Evok drives innovation by deeply understanding industrial challenges, leveraging a global network of entrepreneurs to find solutions, and providing the investment, mentorship, and market access to accelerate deployment for game changing results. Through established partnerships with industry, Evok invests in a global portfolio of innovative companies to address the most pressing economic and environmental challenges. Learn more at
www.evokinnovations.com.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/35472b1e-eeef-42b2-84a6-9df98634cb7c
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