Mukilteo, Wash.-based startup Elevāt raised $9.5 million to fuel growth of its IoT software used by industrial manufacturers to monitor and maintain machinery.
Elevāt initially targeted machine builders and has expanded to industries such as oil and gas, and energy conservation. Its software helps customers assess the condition and performance of manufacturing equipment. The technology, which is hardware agnostic, also allows for remote machine updates.
Use cases include a customer in the forestry industry that uses Elevāt to improve how it produces wood chips — the amount of fuel needed, how much torque a machine is creating, etc.
Hill said Elevāt gives “voice to machines.”
“We enable the hardware,” he added. “It’s a game-changer for manufacturers.”
Livesay said the pandemic is driving more momentum for Elevāt. Manufacturing is considered “essential,” and companies are looking for ways to manage their equipment without having to travel.
The 13-person company is growing its revenue by double-digit percentages month over month and it not yet profitable. It raised the fresh cash from D4 Investments — whose chairman Jim Kinsella will take a board seat — in addition to family offices, individual investors, and others.