IOTA Software Inc. Announces $10.4 Million Series A2 Funding Led by Altira Group
Denver,CO – October 31, 2024 –IOTA Software Inc., a leading developer of industrial and business data visualizationsoftware, announced today that it has secured $10.4 million in Series A2 fundingled by the Altira Group with participation from Oxy Technology Ventures and existinginvestors, including Aramco Ventures and Second Avenue Partners. J.P. Bauman,Partner at Altira Group, will join IOTA’s Board of Directors.
IOTA’svisualization software is an enterprise-scale, cloud-native platform thatprovides easy and immediate access to all sources of critical and dynamic businessand process information. IOTA empowers executives, production managers, andoperators with a visual and unified environment, supporting them with the insightsessential for performance optimization and data-driven decision-making.
Thisnew investment will be used to expand IOTA's engineering, product, and customersuccess teams and enhance its technology infrastructure and marketing efforts. Thiswill enable IOTA to further develop its innovative technology, expand itsglobal reach, and continue its rapid growth trajectory. With this latestfunding, IOTA is well-positioned to solidify its status in data visualizationas the premier situational awareness platform supporting digital transformationthroughout the process industries.
“Weare thrilled to secure this funding, which enables us to accelerate our growthand technology development,” said Ivan Datskov, CEO of IOTA Software. “Ourplatform already helps businesses across a wide range of industries make moreinformed decisions, and we are excited about the opportunity to positivelyimpact even more organizations."
“IOTASoftware gives industrial enterprise customers the ability to easily bring togethertypically siloed critical business and operations data in control rooms andremote operating centers in a single pane of glass to improve asset performance,”commented J.P. Bauman. “On behalf of our seven industry-leading oil & gascompany partners, Altira is excited to lead this effort in supporting IOTA asthey continue to drive customer success.”
“Weare proud to be both partners and customers of IOTA Software,” said Trey Lowe,Chief Technology Officer at Devon Energy. “Their new software, VUE, isrevolutionizing the way we view and interact with our production data. Theintuitive interface and analytics capabilities will enhance decision-makingacross each of our operating areas.”
AboutAltira Group
AltiraGroup, a Denver-based venture capital firm, has funded advanced technologysolutions across the energy and industrial value-chain for the past 27 years.Working with its Fund VII oil & gas industry limited partners, Altira enablesthe next generation of technologies, driving innovation across digital,industrial automation, and core oil & gas operations, including subsurface,development, production, and refining. Beyond capital, Altira’s unique approachoffers entrepreneurs customer access, validation, and collaboration throughtheir strategic partnerships with leading oil & gas companies, and experienced,hands-on investor partners skilled in business building. This unique Altiraadvantage means more direct customer interaction, compressed adoption cycles,and stronger investment outcomes. For further information, please visit www.altiragroup.com.
AboutIOTA Software Inc.
IOTASoftware is a leading provider of data visualization that connects people,assets, and manufacturing processes. The company’s scalable platform offerseasy access to critical process data, insights for performance optimization,and supports data-driven decision-making. Serving as a central hub to drive bothdaily and long-term outcomes, the IOTA platform delivers situational awarenesscapabilities that appeal to a wide range of users across the pharmaceutical,energy, chemical, utility, green energy, and other industries. For moreinformation, visit iotasoft.com.
MediaContact:
T.J. Rulapaugh
Vice President, Product Design
trulapaugh@iotasoft.com
(650) 862-5393
Source: https://apnews.com/press-release/globenewswire-mobile/denver-0595d3392964cb3052b6b3dda426abd5