Participated · Series B · Jun 2020

Element offers Element AssetHub, a no-code industrial data hub that connects and transforms hundreds of diverse IT/OT sources (including the OSIsoft PI System) to make industrial metadata and data easy to consume in modern analytical applications. Its platform automates data preparation burdens, enabling faster use of industrial data for analytics that improve efficiency, operational performance and workplace safety. Element serves customers across chemical, power, agriculture and oil & gas markets and is expanding enterprise-wide deployments. The company says its industrial customers collectively represent over $500 billion in revenue, $300 billion in fixed assets and 350,000 employees. Element positions AssetHub as a critical link to unlock unusable industrial data and drive intelligent operations in digital plants. The company plans to use the new funding to accelerate performance and broader deployment of its platform for enterprise customers. Element Analytics develops analytics data management and integration software for industrial companies. Its Element Platform creates and maintains dynamic digital twins that integrate data from sensors and engineering and operational systems to enable trustworthy analysis. The platform is used to surface insights such as predicting equipment failure and optimizing operations across oil & gas, chemicals, utilities, mining and manufacturing. Investors in the company include major industrial and industrial-focused venture firms, reflecting strategic interest from the sector. Element plans to use the new funding to invest in software development, market development and operations. Financially, the company announced a $19.5M Series A that brings total equity funding to $22M. Element Analytics builds the Element Platform, a next-generation industrial software analytics platform that automates data readiness for asset-intensive industries. The platform automates mapping of equipment sensor time-series data into asset models and blends it with other operational data to make data explorable and easy to model. That data readiness enables diagnostic and predictive analytics to forecast equipment failures, reduce unscheduled downtime, and improve operational efficiency, safety, and sustainability. Element has strategic partnerships with OSIsoft (leveraging the PI System) and Microsoft (Azure and Cortana Intelligence) to support cloud-based big data and analytics. The company received $7M in seed funding, with the majority from Kleiner Perkins' Green Growth Fund, to commercialize the platform. Element has begun deployments in oil & gas, chemical, transportation and diversified industrial segments and plans to ramp customer engagements and grow in 2017.