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Olea Edge Analytics closes $35M round to help utilities plug water, revenue leaks

Categories Edge Computing News  |  Funding
Olea Edge Analytics closes $35M round to help utilities plug water, revenue leaks

Olea Edge Analytics recently announced the closing of $35 million in Series C funding led by New York-based global private equity and venture capital firm Insight Partners. The company intends to use the funds to accelerate hiring across all departments and further develop their AI and edge computing-based solutions to help utilities manage water.

Through a combination of AI, machine learning and edge computing, Olea Edge Analytics pinpoints trouble spots in a municipal water system. A full suite of sensors combined with advanced analytics monitor and manage each component throughout the network, giving utility departments previously unavailable insights and recommendations on how to return their resources to optimal performance. Olea Edge Analytics has now raised a total of $50.6 million to help cities monitor and manage critical water assets, including large commercial and industrial meters, uncovering millions of dollars in recoverable revenue.

“Cities and water utilities are facing tremendous challenges from all sides: financial, operational, hiring and more,” explains Olea Edge Analytics CEO Dave Mackie. “This investment aligns perfectly with our objectives to scale the company, drive innovation in the water industry and help cities and utilities operate more efficiently.”

“Olea Edge Analytics brings incredibly impressive AI and machine learning to an industry that is hungry for innovation,” adds Nicole Shimer, Vice President at Insight Partners. “Customers in the water market can see almost immediate returns on their investment with this technology. We’re excited to partner with Olea on their mission of bringing clean, safe and affordable drinking water to all with their one-of-a-kind technology.”

Shimer will join Olea Edge Analytics’ board of directors, while Alexandra Lundin, Associate at Insight Partners, has been appointed as a board observer.

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