Andium – an expert in Industrial Internet of Things (IIoT) remote-field monitoring and communications technologies – announced a $21.7 million Series B funding close led by Aramco Ventures (the corporate venture arm of one of the world’s largest integrated energy and chemicals companies). This round includes existing investors such as Climate Investment, Intrepid Financial Partners, and prominent individual investors, including former Citadel CIO Thomas Miglis. Following the company’s $15 million Series A in 2021, this funding brings the company’s total funding to over $40 million.
The new capital will accelerate Andium’s global expansion, including scaling operations across oil and gas basins in the U.S. and the Middle East. It will also reduce technology and equipment costs, support ongoing research and development, and enhance the range of services Andium offers in industrial automation and emissions monitoring.
Andium combines AI-based software with on-site sensors and cameras to provide a comprehensive, real-time solution for remote field monitoring. And this enables accurate tracking of environmental, social, and governance (ESG) metrics, detecting issues like methane leaks, fires, and equipment malfunctions.
Andium helps companies ensure continuous asset performance and regulatory compliance by offering instant insights. This technology has already proven effective in reducing greenhouse gas emissions by up to 65 percent per location while lowering field operational costs by up to 45% for major energy companies like BP and ConocoPhillips. And Andium’s real-time monitoring automation reduces windshield time by over 80 percent, addressing labor challenges, empowering workers, and improving efficiency across remote locations.
Aramco Ventures’ $1.5 billion Sustainability Fund supports innovative technologies that reduce Scope 1 and Scope 2 greenhouse gas emissions. This aligns with Aramco’s goal of achieving net-zero emissions by 2050.
Andium’s funding comes at a critical time. With COP29 approaching, methane emissions will take center stage, given its impact on warming the planet and significant contribution to climate change. And methane is a potent greenhouse gas that traps 80 times more heat than carbon dioxide over a 20-year period.
About 60% of methane emissions stem from human activities, with the energy sector, primarily fossil fuels, accounting for over one-third of these emissions. And as methane reduction becomes a regulatory priority, Andium’s solutions will play a crucial role in helping companies meet emission reduction targets. At scale, Andium’s technology has the potential to contribute to lowering global temperatures. Plus, errand methane releases from industrial facilities are contributing to more than a third of a degree Fahrenheit (approximately 0.14°C) in global warming.
KEY QUOTES:
“This investment is a powerful endorsement of our platform, which will be pivotal as we enter our next stage of growth. Our end-to-end Operating System, which monitors and provides real-time, verifiable emissions data from remote locations, has already proven to lower operational costs, cut emissions, and improve safety—helping energy, mining and waste companies meet their net-zero and zero-harm goals.”
– Jory Schwach, Founder and CEO at Andium
“We are delighted to be partnering with Andium. This technology platform has the potential to reduce fugitive emissions as well as provide operational benefits in a variety of applications. It is an elegant and cost-effective solution.”
– Bruce Niven, Executive MD at Aramco Ventures
“Andium’s platform provides a critical and cost-effective tool for energy companies looking to meet their ambitious emissions reduction goals in an increasingly complex regulatory landscape. By providing real-time, verifiable emissions data, Andium empowers operators to take informed, actionable decisions that reduce costs and deliver impact today. We’re pleased to continue supporting Andium’s growth as it scales its transformative solutions globally.”
– Marc van den Berg, Global Managing Director for Investments, Climate Investment
“We are proud to support Andium as they push the boundaries of industrial innovation to address critical issues facing many industries, particularly energy. This investment aligns with our venture fund’s strategy of investing in, and partnering with, truly transformative companies driving the future of sustainable energy and industry.”
– Skip McGee, Co-founder and CEO of Intrepid Financial Partners
“Andium’s innovative IIoT platform is a game-changer for industries striving to reduce their environmental impact. As an early investor, I’ve been consistently impressed by the team’s ability to deliver cutting-edge solutions that drive tangible value for customers through emissions reduction and operational efficiency gains. Andium is at the forefront of the sustainability revolution, and I’m excited to continue supporting their growth as they scale globally.”
– Tom Miglis, former CIO of Citadel and current Investment Partner at Nyca Partners
