SAN FRANCISCO, CA, Element Analytics has received seed funding of $7M, the majority from Kleiner Perkins' Green Growth Fund.
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Today Element Analytics formally announced the Element Platform, a next-generation industrial software analytics platform that tackles the critical data readiness challenge for industrial operators. With seed funding of $7M, the majority from Kleiner Perkins' Green Growth Fund, and as a member of both OSIsoft and Microsoft's Partner Network, Element Analytics is delivering advanced predictive analytics capabilities to the oil and gas, chemical, utility, mining and other asset intensive industries.
'Data readiness is the foundation for advanced analytics, but it's held back by messy, siloed data - particularly industrial time-series data,' said David Mount, Kleiner Perkins' Green Growth Fund partner and co-founder of Element Analytics. Along with Sameer Kalwani, vice president of product, David Mount founded Element Analytics in 2015. They set out to provide an industrial software analytics platform that undertakes the heavy lifting of data readiness by automating the mapping of equipment sensor data into asset models and blending it with other operational data. Whereas 'data wrangling' is performed manually today, the Element Platform accelerates the process to give industrial organizations the ability to make sophisticated predictive analytics fast, repeatable and scalable.
'Industrial operators face no shortage of data. Mounds of data exist, but getting the data to a ready state is core to making it analyzable, predictive and actionable,' added Mount.
Today, most large industrial operators collect huge amounts of data from their equipment sensors in order to monitor and ensure smooth operations. Often missing is the critical early step of engineering unstructured data. Data readiness imparts the ability to predict equipment failures or malfunctions before an adverse event occurs, thereby avoiding the cost and disruption of unscheduled or emergency downtime. The Element Platform leverages historical data by organizing, joining, and analyzing data across assets and systems to make data explorable and easy to model, enabling operators to look ahead and predict equipment behavior instead of reacting to causes after an occurrence of downtime or failure.
Data and advanced predictive analytics are key to optimizing efficiency of industrial equipment and have a direct impact on asset-intensive industrial business operations. Operational efficiency mitigates risks, improves worker safety, and supports sustainable production methods that streamline business costs. Industrial spending by Industrial Internet of Things (IoT) technology is expected to grow to $125 billion by the year 2020.
The current challenge operators face is that while a lot of data is captured, often it is unorganized or inconsistent. 'Industrial data is messy, lacks context and you can't always trust what sensor data is telling you. That's a big challenge for those seeking to do diagnostic and predictive analysis at scale in order to modernize and increase the efficiency of their industrial businesses,' said Andy Bane, Element Analytics CEO. 'Many industrial IoT projects are held up or fail, because they skip the crucial data readiness step, and assume that the data will just appear. Data must be readied and kept in a constant state of readiness in order to deliver value,' Bane said.
The Element Platform leverages the OSIsoft PI System, the leading enterprise data infrastructure for the Industrial Internet. And as a Microsoft Partner Network member, the Element Platform uses Microsoft Azure and Cortana Intelligence for trusted cloud-based big data and analytics needs. Working together with two leading industry infrastructure leaders was an important development for Element Analytics in 2016.
Element Analytics has begun new deployments in the past quarter with customers in the oil and gas, chemical, transportation and diversified industrial segments.
'Element Analytics' early-stage venture funding through Kleiner Perkins' Green Growth Fund and our strong partner work with the OSIsoft and Microsoft programs have given us an excellent base and provided momentum. We are poised for an exciting 2017 as we continue to ramp customer engagements and grow the company,' said Bane.
About Element Analytics
Based in San Francisco, CA, Element Analytics is an industrial analytics software company that makes data work for people, proactively surfacing insight where it's needed most. The Element Platform rapidly transforms data into actionable insight, helping industrial organizations make the best-informed decisions for greater efficiency, sustainability, and profit. For more information, visit www.elementanalytics.com.