Andium, a company that specializes in Industrial Internet of Things (IIOT) remote-field monitoring and communications technologies, announced the close of a $15 million Series A investment round led by OGCI Climate Investments. Existing Andium investors Tom Miglis, former CIO of Citadel Securities, and Talis Capital, also participated in the round.
Andium said in a statement that the new financing round will allow the company to further drive product growth, support strategic investment in talent, and enable it to accelerate the deployment of its proprietary video solutions product lines for flare monitoring, tank telemetry, and object detection.
Andium’s monitoring products provide oil and gas companies with real-time information from remote locations, turning monitoring, especially of flares, into an automated, digital process that the company calls a “game changer” for emission reductions.
“We believe that visibility is paramount in change leadership and operational excellence, and our remote monitoring technologies are specifically designed to offer companies an expedited path to achieve their sustainability goals,” said Jory Schwach, Andium CEO. “We are pleased to welcome OGCI CI as a new investor and advisor as we continue helping companies decarbonize through digitalization.”
“The transparency created by monitoring and measuring methane is essential to reducing emissions,” said Pratima Rangarajan, CEO of OGCI Climate Investments. “Andium’s low-cost innovative solution lowers the barrier for operators of all sizes to adopt and implement best practices and we are pleased to support their growth.”