San Francisco-based data analytics company Element announced an $18 million Series B financing round led by Activate Capital and Forte Ventures on Thursday.
According to the company, Element’s AssetHub operates as a first-of-its-kind data hub for managing industrial metadata. AssetHub’s no-code development environment makes it possible for businesses to connect a diverse array of industrial data sources with the primary goal of making them easier to consume in modern analytical applications.
“AssetHub automates the data preparation burdens associated with industrial data, freeing up time and resources to focus on analytical applications that improve business performance,” a spokesperson for the company said in a statement.
Element, founded in 2015, utilizes digital representations of physical assets, referred to as Asset Twins, in order to share models and data across every level of a business.
“We view AssetHub as a critical link in realizing the potential of industrial data at scale — 95 percent of which remains unusable today — to drive the intelligent operations of tomorrow’s digital plants,” David Lincoln, managing director of Activate Capital, said in a statement.
The latest round of funding will be used to expand the company’s reach in new markets with a primary focus on obtaining new customers in the agricultural, oil and gas industries. Additional funding will also be used to expand the company’s existing product offerings. The data analytics platform currently serves over 350,000 customers across the country.
“This financing is the latest example of Element’s momentum on multiple fronts,” Andy Bane, CEO of Element, said in a statement. “The funding will help Element achieve the next level of performance on behalf of our customers who are solving their most challenging problems through data.”
According to the company, Element has raised a total of $40 million in venture capital to date. New investors Evonik Venture Capital, Kerogen Digital Solutions and High Tide Foundation also participated in the round, in addition to several existing investors.