Cloud based Industrial Internet of Things (IIoT) Platform firm Elevát said that it has raised $2.5 million of capital in a recently completed funding round. “The funds will be used to scale our sales channels rapidly and continue to expand Elevát's rich feature sets,” said William Hill, Founder and CEO of Elevát, Inc. and a 35-year veteran in this marketplace.
The Software as a Service (SaaS) model utilizes sensors on industrial machinery that feed into a central “box” which communicates to the cloud and the Elevát platform. Data can then be distributed directly to a client's device such as laptop, smart phone, and tablet.
Elevát has been deployed across thousands of connected assets in the Mobile Industrial market, with the pace of installation gaining momentum every day. “We are excited to bring thought leadership to this market sector, as Elevát enables our clients to gather more data, spot trends earlier and identify ways to improve their bottom line performance for any asset – anywhere, anytime,” says Steven Anderson, President and CTO.
Elevát was formed in May of 2017 after three years in development of its Cloud platform for the Industrial Internet of Things (IIoT) market. It was initially internally funded and as of March 2018 has completed a seed round of financing, with ambitions to accelerate their growth through Series A and beyond, said company.