Veros Systems is an Austin, Texas-based industrial artificial intelligence company that monitors the health and performance of industrial machinery using electrical data. Led by president & CEO Jim Dechman, the company captures electrical waveforms from industrial machines and applies machine learning algorithms to continuously monitor rotating equipment health, provide real-time operating insights, and proactively predict failures. Enterprises implement Veros technology as a standalone monitoring platform, in the Cloud, or embedded within existing power distribution, metering and monitoring hardware. In November 2020 Veros closed a $2.2M Series C financing led by Shell Ventures with participation from Austin Ventures, Chevron Technology Ventures and LiveOak Venture Partners. The company said it will use the capital to expand its installed base and to enhance its cloud computing capabilities. Veros Systems offers Veros ForeSight™, an industrial asset monitoring system that provides a dashboard with real-time operating metrics and clear, early warnings with zero false alarms. The non-invasive, self-learning system typically interfaces at the motor control center or variable frequency drive enclosure and is used in topside, offshore and subsea applications. Proprietary software algorithms convert three-phase voltage and current signals into real-time operating information such as efficiency, shaft torque, mechanical load and power consumption. The product is positioned to deliver early, actionable warnings while minimizing false positives. The company is led by President and CEO Jim Dechman. The article does not provide revenue, user, or other financial operating metrics. Veros Systems develops Veros ForeSight, a non-invasive, self-learning industrial asset monitoring system that interfaces at the motor control center and acquires three-phase voltage/current signals. ForeSight displays real-time operating metrics such as efficiency, torque, load and power consumption and continuously monitors 300+ metrics to detect faults and predict failures months in advance. The system is marketed as providing clear, early warnings with zero false alarms, enabling reduced unplanned downtime, lower maintenance costs, and improved safety and efficiency. Veros highlights that engineering and maintenance managers use ForeSight to identify poorly performing assets and to plan corrective actions in advance. The company announced that Chevron Technology Ventures invested in its $8M Series A financing, following a multi-year, multi-site technical evaluation at Chevron. Veros was also selected to present at the Chevron-Oiltech Investment Network event, indicating engagement with strategic end users. Veros Systems develops the Veros System, a turn‑key predictive intelligence platform that continuously monitors the reliability and energy efficiency of electrically powered rotating machines. The system uses only electrical measurements via a simple, non‑intrusive hardware interface to existing power infrastructure and proprietary analytics to predict mechanical and electrical condition. Veros positions the product for large‑scale deployment and commercialization across manufacturing, construction, onshore and offshore oil and gas, automotive, defense and petrochemical industries. The company highlights a leadership team including founders Tommy E. Knight and Dr. Alexander G. Parlos and CEO Allan L. Wilson. Financially, Veros has been awarded the third tranche of a $1.5 million investment from the Texas Emerging Technology Fund. The company is headquartered in College Station, Texas, with offices in Austin and Houston.

Total raised

$12M

Funding rounds

4

Latest round

Series C

Latest activity

Jun 2020