63563_verosVeros Systems Inc. has raised $5 million in venture capital from Austin Ventures and LiveOak Venture Partners, according to a news release.
The company, based in College Station, makes software that monitors industrial motors and other mission-critical plant functions.
As part of the deal, Jim Dechman will join Veros as president and CEO. He previously worked for Procter & Gamble, the Boston Consulting Group, and Monitoring Technology. He has a degree in Mechanical Engineering from the University of Texas and a MBA from Harvard.
“Veros has created the most compelling solution for managing and maintaining critical industrial assets that I have seen in my career,” Tommy Knight, Co-Founder and Chairman of Veros, said in a news statement. Before his involvement with Veros, Mr. Knight worked for Brown & Root, Inc., a Halliburton Company, for 32 years, progressing from a design engineer to President and CEO.
Veros has exclusive, worldwide rights to technology developed at Texas A&M University.
“Current solutions to monitor mission critical industrial assets are expensive and unscalable, limiting them to the very high end of the market. By leveraging the unique technology developed at Texas A&M and the latest software platforms, Veros beats the performance of these high-end solutions and makes it available to a broader set of applications,” Venu Shamapant, general partner at LiveOak Venture Partners, said in a statement. He will also join the Veros board of directors.