At Utility Analytics Week, situational intelligence solutions provider Space-Time Insight announced that the company has raised $14 million in series B funding. The funds will help Space-Time Insight to speed up adoption of the company’s innovative geospatial and visual analytics software.
A report filed by VentureBeat shows that the investments in this round of funding came from companies focused on the energy sector like EnerTech Capital, Novus Energy Partners, and ClearSky Power & Technology Fund, who join existing investors Opus Capital Ventures and Start Up Farms International (SUFI).
“We are delighted to have such an accomplished group of investors backing Space-Time Insight as we strive to meet the rapidly growing demand for situational intelligence,” said Space-Time Insight CEO, Rob Schilling. “The big data analytics solutions we have successfully deployed at some of the largest energy companies around the world are proof that we can help businesses not only gain unique insights into vast quantities of disparate data, but also use that data intelligently, dramatically improving the speed and accuracy of operational decisions.”
According to Space-Time Insight, its award-winning software uniquely helps its customers reduce risk, improve service reliability and maximize shareholder value through sophisticated visualization and analysis of massive volumes of diverse real-time and historical data.
The company said that the proceeds of from the second round of financing will be used to enhance the company’s suite of situational intelligence solutions and expand its sales and marketing activities in the energy and other capital asset intensive industry sectors.
Tucker Twitmyer, managing director at EnerTech Capital was delighted to be part of the next chapter of Space-Time Insight’s growth, and to “support a clear leader in situational intelligence for the energy sector.” According to Twitmyer, the solutions being created by Space-Time Insight deliver unique real-time insight into the tsunami of data faced by utilities and other leading businesses in the energy sector.
Likewise, for Gill Cogan, general partner at Opus Capital Ventures, it was heartening to see the progress made by Space-Time Insight in product development, as well as sales and marketing. Opus is keen to see what this next stage of investment will bring.
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Edited by Rachel Ramsey