IOTA Software Raises $10.4 Million in

IOTA Software Raises $10.4 Million in Series A2 - October 31, 2024

Executive Summary

IOTA Software provides data visualization and connectivity solutions that connect people, assets, and manufacturing processes, helping industrial companies optimize operations through real-time data insights.

Funding Amount: $10.4 Million

Valuation: Undisclosed

Round Type: Series A2

Announced: October 31, 2024

Headquarters: Houston, Texas

Category: Industrial Tech - Manufacturing Data

About IOTA Software

IOTA Software was founded in 2015 and is headquartered in Houston, Texas.

Funding Round Details

Investment Amount

IOTA Software successfully raised $10.4 Million in this Series A2 funding round.

Lead Investors & Participants

Altira Group (Lead Investor): Growth equity firm leading the Series A2 round

Oxy Technology Ventures (Investor): Occidental Petroleum's venture capital arm investing in industrial tech

Aramco Ventures (Investor): Saudi Aramco's venture capital division backing industrial innovation

Second Avenue Partners (Investor): Industrial technology focused investment firm

Use of Funds

The $10.4 million Series A2 will expand IOTA's data visualization platform capabilities, grow sales to industrial manufacturers and energy companies, enhance AI-powered analytics features, and support strategic partnerships with major industrial operators.

Key Metrics & Achievements

Serving industrial manufacturing and energy sectors
Real-time data connectivity across manufacturing processes
Strategic investors include Occidental Petroleum and Saudi Aramco
Founded in 2015, serving 9+ years in industrial tech
Headquartered in Houston - center of energy industry
Platform connects people, assets, and processes
Enables predictive maintenance and operational optimization

Business Model

IOTA Software operates on an enterprise SaaS model, licensing its data visualization and connectivity platform to industrial manufacturers, refineries, chemical plants, and energy companies. Revenue comes from annual software licenses based on number of facilities/assets monitored, professional services for implementation, and ongoing support contracts.

Market Opportunity & Competition

IOTA competes in the industrial IoT and manufacturing data space with companies like Uptake, C3 AI, Sight Machine, and traditional industrial software vendors (OSIsoft/AVEVA, AspenTech). The company differentiates through purpose-built solutions for heavy industry (oil & gas, chemicals, manufacturing), strategic energy company investors providing industry credibility, and focus on practical operational insights over complex analytics.

This fundraising report was announced on October 31, 2024 and represents verified data from TechCrunch, Crunchbase, Bloomberg, CoinDesk, PR Newswire, and official company announcements.