DENVER, Oct. 31, 2024 (GLOBE NEWSWIRE) — IOTA Software Inc., a leading developer of industrial and business data visualization software, announced today that it has secured $10.4 million in Series A2 funding led by the Altira Group with participation from Oxy Technology Ventures and existing investors, including Aramco Ventures and Second Avenue Partners. J.P. Bauman, Partner at Altira Group, will join IOTA’s Board of Directors.
IOTA’s visualization software is an enterprise-scale, cloud-native platform that provides easy and immediate access to all sources of critical and dynamic business and process information. IOTA empowers executives, production managers, and operators with a visual and unified environment, supporting them with the insights essential for performance optimization and data-driven decision-making.
This new investment will be used to expand IOTA’s engineering, product, and customer success teams and enhance its technology infrastructure and marketing efforts. This will enable IOTA to further develop its innovative technology, expand its global reach, and continue its rapid growth trajectory. With this latest funding, IOTA is well-positioned to solidify its status in data visualization as the premier situational awareness platform supporting digital transformation throughout the process industries.
“We are thrilled to secure this funding, which enables us to accelerate our growth and technology development,” said Ivan Datskov, CEO of IOTA Software. “Our platform already helps businesses across a wide range of industries make more informed decisions, and we are excited about the opportunity to positively impact even more organizations.”
“IOTA Software gives industrial enterprise customers the ability to easily bring together typically siloed critical business and operations data in control rooms and remote operating centers in a single pane of glass to improve asset performance,” commented J.P. Bauman. “On behalf of our seven industry-leading oil & gas company partners, Altira is excited to lead this effort in supporting IOTA as they continue to drive customer success.”
“We are proud to be both partners and customers of IOTA Software,” said Trey Lowe, Chief Technology Officer at Devon Energy. “Their new software, VUE, is revolutionizing the way we view and interact with our production data. The intuitive interface and analytics capabilities will enhance decision-making across each of our operating areas.”
About Altira Group
Altira Group, a Denver-based venture capital firm, has funded advanced technology solutions across the energy and industrial value-chain for the past 27 years. Working with its Fund VII oil & gas industry limited partners, Altira enables the next generation of technologies, driving innovation across digital, industrial automation, and core oil & gas operations, including subsurface, development, production, and refining. Beyond capital, Altira’s unique approach offers entrepreneurs customer access, validation, and collaboration through their strategic partnerships with leading oil & gas companies, and experienced, hands-on investor partners skilled in business building. This unique Altira advantage means more direct customer interaction, compressed adoption cycles, and stronger investment outcomes. For further information, please visit www.altiragroup.com.
About IOTA Software Inc.
IOTA Software is a leading provider of data visualization that connects people, assets, and manufacturing processes. The company’s scalable platform offers easy access to critical process data, insights for performance optimization, and supports data-driven decision-making. Serving as a central hub to drive both daily and long-term outcomes, the IOTA platform delivers situational awareness capabilities that appeal to a wide range of users across the pharmaceutical, energy, chemical, utility, green energy, and other industries. For more information, visit iotasoft.com.
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