Andium, an expert in Industrial Internet of Things (IIoT) remote-field monitoring and communications technologies, has successfully raised a sum worth $$21.7 million in Series B financing.
Led by Aramco Ventures, the round saw further participation coming from the likes of Climate Investment, Intrepid Financial Partners, and prominent individual investors including former Citadel CIO, Thomas Miglis, all of them coming together to take Andium’s total funding, till date, to over $40 million.
According to certain reports, the stated inflow of cash will accelerate the company’s global expansion, including scaling operations across oil and gas basins in the U.S. and the Middle East. It will also go a long distance to cut down on technology and equipment costs, support ongoing research and development, and enhance services that the company offers in the context of industrial automation and emissions monitoring.
“This investment is a powerful endorsement of our platform, which will be pivotal as we enter our next stage of growth,” said Jory Schwach, Founder and CEO at Andium. “Our end-to-end Operating System, which monitors and provides real-time, verifiable emissions data from remote locations, has already proven to lower operational costs, cut emissions, and improve safety—helping energy, mining and waste companies meet their net-zero and zero-harm goals.”
Talk about what exactly Andium does, it basically combines AI-powered software with on-site sensors and cameras to provide a comprehensive, real-time solution for remote field monitoring. Such a setup, on its part, facilitates accurate tracking of environmental, social, and governance (ESG) metrics, detecting issues like methane leaks, fires, and equipment malfunctions.
You see, by providing instant insights, Andium helps companies ensure continuous asset performance and regulatory compliance.
To understand the significance of such an operation, though, we must acknowledge that methane is a greenhouse gas which alone traps 80 times more heat than carbon dioxide over a 20-year period. Markedly enough, almost 60 percent of these methane emissions stem from human activities, with the energy sector, primarily fossil fuels, accounting for over one-third of these emissions.
Against that, the company’s proprietary technology has already proven its ability in reducing greenhouse gas emissions by up to 65 percent per location, while simultaneously lowering field operational costs by up to 45 percent for major energy companies like BP and ConocoPhillips.
On top of that, Andium’s real-time monitoring automation has also shown a knack of reducing windshield time by over 80 percent, thus addressing labor challenges, empowering workers, and improving efficiency across remote locations.
“Andium’s innovative IIoT platform is a game-changer for industries striving to reduce their environmental impact. As an early investor, I’ve been consistently impressed by the team’s ability to deliver cutting-edge solutions that drive tangible value for customers through emissions reduction and operational efficiency gains. Andium is at the forefront of the sustainability revolution, and I’m excited to continue supporting their growth as they scale globally.” said Tom Miglis, former CIO of Citadel and current Investment Partner at Nyca Partners.
Founded in 2014, Andium’s rise up the ranks stems from developing an end-to-end Industrial Internet of Things platform which can hand most consequential markets a specialized set of tools that they need to reduce emissions, improve safety, and boost operational efficiency. Basically, by providing real-time, verifiable emissions data and comprehensive environmental, social, and governance (ESG) monitoring, the company allows for its customers to make data-driven decisions that drive meaningful change. Currently Andium is serving organizations hailing from various different industries, including energy, mining, waste management, and beyond.