Powered by artificial intelligence (AI), APERIO accelerates its mission to bring data quality to more Global 500 companies.
BOSTON, Aug. 24, 2023 - APERIO, a category leader in operational data quality, today announced it has closed $9M in Series A1 funding. The round was led by Momenta, the Industrial Impact venture capital + growth firm, and joined by investors including Chevron Technology Ventures, NextEra Energy, National Grid Partners, Delek US, and Bazan Group. The funding will be used to further grow the team, invest in the product, and improve the customer experience.
"In an extremely challenging market, we were able to secure multiple term sheets, partnering with Momenta to lead this funding round," says Jonas Hellgren, CEO, APERIO. "We intend to expand the core team to meet increasing customer demand, as the need for our software continues to accelerate and expand into new industries."
Expanding Market
"We are thrilled to invest in APERIO," said Michael Dolbec, Managing Partner at Momenta. "Their solution directly addresses the data-quality roadblocks faced by manufacturers hoping to unlock the full potential of AI. APERIO's tools and approach tackle data-quality issues at scale, enabling manufacturers to improve their operational technology data infrastructure and governance. Manufacturers will gain improved operational decision-making and a competitive advantage."
Accelerating Growth and Vision
APERIO has been on a remarkable growth trajectory since its first round of funding in October 2020. Its solution is now in use by dozens of large industrial customers, including some who have invested in APERIO, to address the reliability of their operational data for optimizing performance and minimizing business risk.
APERIO's solution is designed to solve a wide range of operational data quality issues and has drawn a range of investors. "Improving the scale and quality of data is critical to the reliability of unattended facilities. APERIO's technology has the potential to help solve the data quality problem at scale," said Jim Gable, Vice President, Innovation and President of Technology Ventures at Chevron. "This is the latest investment from our Core Fund VII, which focuses on high-growth startups and breakthrough technologies that have the potential to improve Chevron's core oil and gas business performance as well as create new opportunities for growth. We welcome APERIO to the portfolio."
This new funding follows the release of APERIO DataWise 2.0 earlier this year, which added advanced tools like comprehensive root cause analysis and event pattern recognition, and was designed to improve the user experience through intuitive workflows and issue prioritization. More to come as this funding will add additional features, aimed at helping APERIO scale to meet customer demand.
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