Alberta-based SaaS startup SensorUp raised $6 million in a Series A financing round led by Evok Innovations.
SensorUp intends to use the equity investment to speed up the development of its technology and broaden its market of industrial customers.
The startup’s Series A funding round also included new investors InterGen and Export Development Canada, and previous investors Vanedge Capital and Bluesky Equities.
“This funding will help us accelerate our product development and go-to-market efforts.”
“There’s a huge appetite for clients in industrial operations to not only look at their long-term digital transformation in order to stay competitive but also to deliver short-term solutions that automate their moving operations and protect their workforce in a post-pandemic world,” said Geoff Mair, SensorUp’s CEO.
“This funding will help us accelerate our product development and go-to-market efforts,” Mair added.
Founded in 2012, SensorUp provides an Internet of Things (IoT) location intelligence platform that aggregates large amounts of sensor and operational data, producing a single picture of operations for asset-heavy industries like oil and gas, logistics, public safety, and the military. SensorUp’s technology optimizes and automates complex physical operations through the use of geospatial artificial intelligence (AI).
“We were very impressed with the SensorUp platform, as it addresses one of the major pain points of modern industrial enterprises: interoperability,” said Marty Reed, CEO of Evok Innovations. “By integrating data from any sensor or third-party system, SensorUp provides a single source of truth for operational leaders.
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“The team has already demonstrated great traction with key industry brands in North America,” Reed added. “By working together, we see an accelerated product roadmap and even greater revenue growth.”
Evok Innovations is a Vancouver-based investment fund focused on industrial solutions. In partnership with Cenovus, Suncor, and the BC Cleantech CEO Alliance, Evok invests in companies across the world that address the economic and environmental challenges of the oil and gas industry. In addition to SensorUp, the fund’s portfolio also includes fellow Canadian startups Metabolik Technologies, Osperity, and VEERUM.
According to SensorUp, Steve Liang, the startup’s founder and CTO, has worked to ensure that SensorUp’s technology is “interoperable, future-proof, scalable, and secure,” leading the development of key IoT data standards with both the Open Geospatial Consortium and the US Department of Homeland Security.
“We’re helping some of the world’s most demanding organizations unleash the real potential of IoT and AI by interweaving their disparate IoT systems into a system of systems,” said Liang. “There’s an enormous amount of geospatial and AI talent in our own backyard to develop a world-class centre for movement intelligence.”
Image source SensorUp via LinkedIn
