Calgary-based cleantech software company SensorUp announced today it has closed a growth financing round.
The news: The round was led by Pender Ventures, with participation from Climate Investment, Evok Innovations, and US-based petroleum company and SensorUp client, Occidental. Neither SensorUp nor Pender Ventures gave a dollar figure or funding stage. But Pender Ventures partner Cheri Corbett will join the company’s board of directors.
From the source: “Industrial software has been waiting for a platform with both genuine architectural differentiation and the field credibility to deploy it at scale,” Corbett said in a press release. “
Following the thread: SensorUp’s platform integrates data across assets in heavy industry fields like oil and gas, consolidating data from a variety of inputs in one AI-enabled platform. Currently, five Oil and Gas Climate Initiative (OGCI) companies are using the platform for monitoring oilwell production, measuring flare and venting processes against regulatory thresholds, detecting methane leaks, and assembling emissions inventories, among others.
Capital from the financing will be deployed across three key areas: accelerating customer deployment; enhancing the platform’s agentic modelling; and fuelling expansion into other industrial sectors like mining, power generation, and utilities.
Final thought: Despite SensorUp and Pender Ventures’ tight lips on dollar figures, the closure of the round is significant. SensorUp is positioning itself as the operational backbone for deploying AI in heavy industry and resource development. That positioning is only reinforced by strategic investment from Occidental and the adoption of SensorUp’s platform by several other OGCI companies.
Investment from major players in global oil and gas may signal to the wider industrial sector that SensorUp’s tech has moved beyond the validation phase and is ready to be adopted more broadly.
Feature image courtesy SensorUp via LinkedIn.