Saudi Aramco Ventures Leads $21.7M Series B for IIoT Firm Andium
This new capital will support Andium’s expansion into global markets, particularly focusing on oil and gas regions in the US and the Middle East.
Saudi-based Aramco Ventures has led a $21.7 million Series B funding round for Andium, a US-based company specialising in Industrial Internet of Things (IIOT) Technology. Additional investment came from existing backers, including Climate Investment, Intrepid Financial Partners, and prominent investors such as former Citadel CIO Thomas Miglis. With this funding, Andium’s total investment surpasses $40 million, following a $15 million Series A round in 2021.
This new capital will support Andium’s expansion into global markets, particularly focusing on oil and gas regions in the US and the Middle East. The funding aims to facilitate cost reductions in its technology, enhance research and development efforts, and drive further operational growth. Andium’s platform, designed for the energy, mining and waste sectors, provides real-time data on emissions and enables remote monitoring of industrial sites, aligning with global net-zero and zero-harm goals.
The platform integrates AI-powered software with on-site sensors to detect methane leaks, equipment malfunctions and fires, contributing to operational efficiency and regulatory compliance. By employing Andium’s monitoring system, companies like BP and ConocoPhillips have seen reductions in greenhouse gas emissions by up to 65% per site and operational costs by as much as 45%. Additionally, by cutting down on "windshield time" by over 80%, Andium’s technology addresses labour shortages and boosts efficiency in remote operations.
Aramco Ventures’ involvement aligns with its $1.5 billion Sustainability Fund, aimed at advancing technologies that reduce Scope 1 and Scope 2 greenhouse gas emissions in support of Aramco's 2050 net-zero goal. Andium’s funding announcement coincides with global attention on emissions reductions, a key focus at the upcoming COP29 discussions. Methane emissions - a greenhouse gas significantly contributing to human-driven emissions - are expected to be a major topic. The energy sector, especially fossil fuel industries, contributes over one-third of methane emissions worldwide, underscoring the relevance of Andium’s solutions in helping companies meet regulatory standards.
At scale, Andium’s technology could mitigate methane’s global warming impact, which accounts for approximately 0.14°C of temperature rise. Investors recognize Andium’s platform as a cost-effective resource for energy companies navigating complex regulations, enabling operators to make real-time, data-driven decisions that support emissions reduction and sustainable operations.
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