Artificial Intelligence: Olea Edge Lands $35M To Expand Its AI Platform For Water Utilities

The platform optimizes water delivery, billing and conservation for municipal water utilities.

Olea Edge Analytics, an Austin-based AI startup that seeks to enhance municipal water revenues at cities and helps them combat situations such as drought, has raised a $75 million Series C round led by Insight Partners, the New York-based global private equity and venture capital firm. (BusinessWire)

Managing the world’s most precious resource with AI, IoT and edge computing

Olea Edge Analytics uses AI, machine learning and edge computing to process data from sensors across the utility network. These advanced analytics enable the various departments of the network to gather in real time hitherto unavailable information on the water system and take prompt action to optimize its performance.

According to a statement, Olea has revealed millions of dollars in recoverable revenue by helping cities monitor their critical water assets – including large commercial and industrial meters. It has patented its system that combines IoT and edge computing capabilities with AI to manage precious water resources.

With the latest round, Olea has raised a total of $50.6 million.

“Cities and water utilities are facing tremendous challenges from all sides: financial, operational, hiring and more,” Olea Edge Analytics CEO Dave Mackie said. “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,” said Nicole Shimer, Vice President at Insight Partners. “Customers in the water market can see almost immediate returns on their investment with this technology.”

Related Story: Wessex Water To Use StormHarvester’s AI Tech To Monitor Sewer Network

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Digital Assets: Russian Energy Firms Seek Go-Ahead To Use Flared Gas For Mining Crypto
October 22, 2021     Digital Assets, ESG and Sustainability, News

Russia’s crypto mining industry is in expansion mode after China’s clampdown on its crypto miners. Also wanting to join the party are Russian oil and gas companies that flare, or…
Artificial Intelligence: Rossum, The Document AI Company, Raises $100M
October 22, 2021     Artificial Intelligence, News, Venture Capital

Rossum offers an end-to-end AI document processing solution that combines its cognitive data capture platform with a full suite of integration capabilities to automate document-based communications between diverse businesses. The…
Alternative Investments/ESG: New York Life Floats ETFs For Gender Equality, Clean Oceans, Cleaner Transport

The three thematic ETFs meet investor demand for ESG approaches. IndexIQ, the New York Life Investments company, announced Wednesday the launch of three new ETFs. The IQ Engender Equality ETF…
FinTech: Wells Fargo Invests $10M In Cloud Payments Provider Volante
October 21, 2021     FinTech, News, Venture Capital

Volante Capital, a provider of cloud payment services and financial messaging, announced Wednesday an investment of $10 million by Wells Fargo Strategic Capital. Wells Fargo joins Wavecrest Growth Partners, BNY…