Andium, a U.S. based company specializing in Industrial Internet of Things (IIoT) for monitoring and remote communication technologies, announced the closing of a Series B funding round totaling $21.7 million, led by Aramco Ventures, a subsidiary of Saudi Aramco. The round also saw participation from investors such as Climate Investment and Intrepid Financial Partners, along with individual investors including Thomas Miglis, former Chief Information Officer at Citadel.
Following the previous Series A round, which raised $15 million in 2021, Andium’s total funding now exceeds $40 million.
The new funding will accelerate Andium’s global expansion, focusing on enhancing its operations in the oil and gas sector in the U.S. and the Middle East. It will also help reduce technology and equipment costs, support ongoing research and development, and enhance the company’s service offerings in industrial automation and emissions monitoring.
In this context, Jory Schwach, the founder and CEO of Andium, stated, “Our integrated operational system has proven its ability to reduce operational costs, decrease emissions, and improve safety, assisting energy, mining, and waste companies in achieving their zero-emission and non-harm goals in the workplace.”
Meanwhile, Bruce Niven, Executive Managing Director at Aramco Ventures, expressed his enthusiasm for partnering with Andium, affirming that this technology platform has the capability to reduce fugitive gases while providing multiple operational benefits, making it an excellent and cost-effective solution.
