Following very strong initial product deployments in heavy industrial control room environments, CruxOCM, the pioneer of robotic industrial process automation (RIPA™) for control room operations, has raised $6 million in venture financing to fuel growth.
Early customers are on track to uncover hundreds of millions in additional revenue through deployment of CruxOCM’s initial product line, pipeBOT.
The recent round was led by Bullpen Capital, with participation from Angular Ventures, Root Ventures, Golden Ventures, Cendana Capital and Industry Ventures.
The capital will be used to grow the company’s product lines, increase the efficiency of its installation process, and continue expanding its team across North America.
CruxOCM’s total funding to date is $9 million, building off of a venture round of $2.6 million in 2019 co-led by Angular Ventures and Root Ventures.
CruxOCM has proven a strong product market fit over the last three years and is on track to provide more control room operators with the best tools available to perform their jobs safely and efficiently.
The company’s software is also instrumental in helping companies to minimise environmental impact and maximise bottom-line revenue via increased asset utilisation and throughput.
CruxOCM will also use the additional capital to bolster installations so that it can expand across client asset bases faster and begin pursuing additional product lines into gas plants, gas pipelines and offshore facilities.
Vicki Knott, co-founder and CEO of CruxOCM, said: “We’re excited to access capital from this group of deep tech, industry-leading venture firms to bring our technology to more control rooms in the energy sector.
“Control rooms are the brains, heart, and soul of the energy sector and they are in dire need of innovation. Our mission to give control room operators superpowers will ensure the efficiency and safety of an essential infrastructure we rely on daily.”
RIPA is the foundational technology on which CruxOCM automation solutions gatherBOT and pipeBOT are built.
CruxOCM works with companies ranging in size from $17 billion to $77 billion market capital, to improve efficiency and safety across the control room through automation.
RIPA enables up to 99 percent reduction in human factors so control room operators can increase their productivity throughout the day.
Eric Wiesen, managing partner at Bullpen Capital, said: “CruxOCM’s RIPA is a game-changer in the industry and we’re thrilled to be a part of this next growth stage.”
For more information visit www.cruxocm.com
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