Arab News, Sunday, Apr 18, 2021 | Ramadan 6, 1442
Saudi Aramco part of $50 million funding for US software firm
Saudi Arabia:
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.