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.”
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