APERIO, a pioneering force in operational data quality, has successfully concluded a Series A1 funding round, raising $9 million. The funding was led by Momenta, an Industrial Impact venture capital and growth firm. Other notable investors included Chevron Technology Ventures, NextEra Energy, National Grid Partners, Delek US, and Bazan Group. The secured funds will be channeled towards team expansion, product enhancement, and an enriched customer experience.
“In a challenging market environment, we have achieved the remarkable feat of securing multiple term sheets. We are thrilled to have Momenta lead this funding round,” stated Jonas Hellgren, CEO of APERIO. “Our strategic goal is to augment our core team to meet the surging customer demand, as our software’s relevance and adoption continue to gain momentum across industries.”
Expanding Market Reach
Michael Dolbec, Managing Partner at Momenta, expressed enthusiasm about the investment in APERIO, saying, “We are excited to be investing in APERIO. Their solution directly addresses the data-quality roadblocks faced by manufacturers seeking to unlock the full potential of AI. APERIO’s tools and approach tackle data-quality challenges at a significant scale, enabling manufacturers to enhance their operational technology data infrastructure and governance. This translates to improved operational decision-making and a competitive edge for manufacturers.”
Propelling Growth and Vision
Since its initial funding round in October 2020, APERIO has maintained a remarkable trajectory of growth. Its solution has gained adoption among numerous major industrial clients, with some even choosing to invest in APERIO. The software addresses operational data reliability, optimizing performance, and mitigating business risks.
APERIO’s solution is designed to address a broad spectrum of operational data quality challenges, garnering interest from diverse investors. Jim Gable, Vice President of Innovation and President of Technology Ventures at Chevron, highlighted the significance of APERIO’s technology: “Enhancing the scale and quality of data is pivotal for the reliability of unmanned facilities. APERIO’s technology holds the potential to tackle data quality challenges on a substantial scale. This investment aligns with our Core Fund VII’s focus on high-growth startups and breakthrough technologies that can enhance Chevron’s core oil and gas business performance while paving the way for new growth opportunities.”
This funding follows the release of APERIO DataWise 2.0 earlier this year, introducing advanced features such as comprehensive root cause analysis and event pattern recognition. The update aimed to enhance user experience through intuitive workflows and issue prioritization. With this fresh funding infusion, APERIO is poised to introduce further enhancements, enabling the company to scale and address heightened customer demand.