Olea Edge Analytics, a water monitoring system for utilities, announced it has closed on $35 million in funding.
Insight Partners, a private equity and venture capital firm based in New York, led the Series C funding round.
Austin-based Olea plans to use the funds to further develop its artificial intelligence and edge computing-based solutions to help utilities manage water. It also plans to use the funds to hire more employees in all areas.
To date, the company has raised $50.6 million.
Olea has created a water monitoring system that allows utilities find trouble spots in municipal water systems. The company helps them save money and conserve water by using its platform that uses a combination of hardware and software to detect leaks and other problems in real-time.
“Cities and water utilities are facing tremendous challenges from all sides: financial, operational, hiring and more,” Olea Edge Analytics CEO Dave Mackie said in a news release. “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,” Nicole Shimer, Vice President at Insight Partners said in a news release. “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.”