Saudi Aramco part of $50mln funding for U.S. software firm

The extra $50mln brings Seeq’s total funding since its launch in 2013 to around $115mln

  
A saudi man checks his mobile phone following the start of Aramco IPO, in Riyadh, Saudi Arabia, November 17, 2019. Image for illustrative purposes.

A saudi man checks his mobile phone following the start of Aramco IPO, in Riyadh, Saudi Arabia, November 17, 2019. Image for illustrative purposes.

REUTERS/Ahmed Yosri
 

RIYADH: Saudi Aramco’s investment arm was among a group of investors who awarded SR187.5 million ($50 million) to a Seattle-based manufacturing and technology software company.

Seeq Corp. said it had raised the new funds as part of a Series C funding round as the group of investors backing the financing were Altira Group, Chevron Technology Ventures, Cisco Investments, Second Avenue Partners and Saudi Aramco Energy Ventures (SAEV).

The extra $50 million brings Seeq’s total funding since its launch in 2013 to around $115 million. While the breakdown of figures was not given, Seeq did say that SAEV was already an existing investor from previous funding rounds. Seeq enables engineers and scientists to rapidly analyze, predict, collaborate, and share insights to improve production and business outcomes for its products. It operates across many sectors, including oil and gas, pharmaceutical, chemical, energy and mining.

The Seattle-based company aims to use the new funds to develop its sales and marketing resources and expand its presence into international markets.

“By leveraging big data, machine learning and computer science innovations, Seeq is enabling a new generation of software-led insights,” Steve Sliwa, the CEO and co-founder of Seeq, said in a press statement.

According to its website, SAEV is described as the strategic technology venturing program of Saudi Aramco. Its mission is to invest globally into startup and high-growth companies with technologies of strategic importance to Aramco, to accelerate its development and its deployment in the company.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Financial Services