AUSTIN, Texas--(BUSINESS WIRE)--Olea Edge Analytics, an intelligent edge computing platform for the water utility industry, today announced the closing of $35 million in Series C funding led by New York-based global private equity and venture capital firm Insight Partners. The company intends to use the funds to accelerate hiring across all departments and further develop their AI and edge computing-based solutions to help utilities manage water.
Through a combination of AI, machine learning and edge computing, Olea Edge Analytics pinpoints trouble spots in a municipal water system. A full suite of sensors combined with advanced analytics monitor and manage each component throughout the network, giving utility departments previously unavailable insights and recommendations on how to return their resources to optimal performance. Olea Edge Analytics has now raised a total of $50.6 million to help cities monitor and manage critical water assets, including large commercial and industrial meters, uncovering millions of dollars in recoverable revenue.
“Cities and water utilities are facing tremendous challenges from all sides: financial, operational, hiring and more,” Olea Edge Analytics CEO Dave Mackie said. “This investment aligns perfectly with our objectives to scale the company, drive innovation in the water industry and help cities and utilities operate more efficiently.”
“Olea Edge Analytics brings incredibly impressive AI and machine learning to an industry that is hungry for innovation,” said Nicole Shimer, Vice President at Insight Partners. “Customers in the water market can see almost immediate returns on their investment with this technology. We’re excited to partner with Olea on their mission of bringing clean, safe and affordable drinking water to all with their one-of-a-kind technology.”
Shimer will join Olea Edge Analytics’ board of directors, while Alexandra Lundin, Associate at Insight Partners, has been appointed as a board observer.
To learn more about Olea Edge Analytics, visit oleaedge.com.
About Olea Edge Analytics
Olea's proven technology empowers utilities to optimize water delivery, billing and conservation so cities can generate millions more in revenue. Committed to helping water utilities combat aging infrastructure, meet greater demand and limit rate increases, Olea's patented solution combines IoT and edge computing capabilities to bring transparency, accuracy and reliability to the delivery of the world’s most precious resource. For more information, visit www.oleaedge.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.