ndustrial, a provider of software and services that seamlessly optimize industrial facilities across all stages of discrete and process manufacturing supply chains, announced today the closing of a $6 million Series A funding co-led by ENGIE New Ventures and Clean Energy Ventures, with participation from Orion Energy Systems, Lineage Logistics, and Clean Energy Venture Group.
In today’s world, where industrial businesses need a path to extract more value from their digitization efforts and where they have already implemented the “easy” efficiency wins, ndustrial enable customers to better access, aggregate, analyze, optimize, and act on data. Leveraging the company’s technology platform – and applying its integration and advanced analytics know-how to captured data – ndustrial enables companies to gain deeper insights into their business, identify and automate improvements, and drive innovation that positively impacts the customer’s bottom line.
“This funding will enable us to move our technology into broader market areas and use cases within the industrial segment,” said Jason Massey, Founder and CEO, ndustrial. “Expanding our footprint will allow more industrial businesses to derive insights from real-time, streaming data, and to apply algorithms to automate efficiencies in energy usage or production applications. This gives our customers a competitive advantage as well as the ability to drive innovation across their sites.”
Lineage Logistics, the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, has taken advantage of ndustrial’s technology across more than 200 of its 350+ facilities in real-time, and avoided significant energy spend over the last five years. Similarly, a leading biotech company has leveraged ndustrial’s platform and services to enable predictive analysis and modelling and make adjustments that deliver significantly increased yields delivering up to 30 percent more revenue annually.
ENGIE New Ventures’ Investment Director, Vincent Pichon, commented, “Clean energy isn’t just about producing clean electricity; it’s also about reducing the amount of electricity used per unit of production.” Sheeraz Haji, Senior Advisor, ENGIE New Ventures added, “Industrial facilities are incredibly complex behind the utility meter. Each site has a unique combination of systems and software, often built up over many years. That reality makes aggregating data and modelling across multi-site businesses hugely challenging, but also extremely important in order to reduce energy.”
“We’ve conducted due diligence on over 100 commercial and industrial efficiency technologies in the last four years, and ndustrial is one of the few we’ve chosen to invest in,” said Daniel Goldman, Managing Director and Co-founder, Clean Energy Ventures. “Their tangible application of machine learning for energy efficiency and process improvement stands apart. We believe their technology has the potential to materially impact carbon emissions in older industrial facilities across a wide range of sectors, and we’re looking forward to helping them scale their innovative technology.”
“When we decided to invest in ndustrial and join the Board in 2015, they had already helped our site in North Carolina save hundreds of thousands of dollars, and Lineage Logistics had just 30 cold storage warehouses. Today, we are more than 350 sites globally. We’ve been proud to scale our applied sciences and energy efficiency initiatives with the ndustrial team,” said Adam Forste, Co-Founder and Co-Chairman of Lineage Logistics and Co-Founder and Managing Partner of Bay Grove, its manager.
Vincent Pichon, ENGIE New Ventures, and Daniel Goldman, Clean Energy Ventures, will join ndustrial’s Board of Directors as part of the investment.