Industrial Internet of Things (IoT) platform provider Andium, announced that it raised $21.7 million in a Series B financing round, with proceeds aimed at supporting the expansion of its remote field monitoring platform enabling energy companies to cut greenhouse gas emissions and reduce operating costs.

Launched in 2014, New York-based Andium provides real-time remote field monitoring utilizing a platofrm combining AI-powered software, on-site sensors and cameras, enabling companies to detect issues including methane leaks, fires, and equipment malfunctions, ensuring continuous asset performance and regulatory compliance, and accurately track ESG metrics.

According to the company, its proven its effectiveness with greenhouse gas emissions reductions of up to 65% per location and lowered field operational costs of up to 45% at major energy companies like BP and ConocoPhillips.

The new capital will enable the company to scale its industrial automation and emissions monitoring operations across oil and gas basins in the U.S. and the Middle East, helping industries comply with sustainability standards. The funding will also reduce technology and equipment costs, support ongoing research and development, and enhance the range of services Andium offers, the company said.

Jory Schwach, founder and CEO of Andium, said:

“This investment is a powerful endorsement of our platform, which will be pivotal as we enter our next stage of growth. Our end-to-end Operating System, which monitors and provides real-time, verifiable emissions data from remote locations, has already proven to lower operational costs, cut emissions, and improve safety—helping energy, mining and waste companies meet their net-zero and zero-harm goals.”

Andium added that its technology can play a crucial role in helping reduce methane releases from industrial facilities, as methane emissions reduction expected to be a major topic at the upcoming COP29 conference in Azerbaijan. Methane is a potent greenhouse gas that traps 80 times more heat than carbon dioxide over a 20-year period.

The round was led by Aramco Ventures, the corporate venture arm of Aramco, one of the world’s largest integrated energy and chemicals companies, with participation from existing investors Climate Investment, Intrepid Financial Partners, and prominent individual investors including former Citadel CIO, Thomas Miglis. Following the company’s $15M Series A in 2021, this investment brings the company’s total funding to over $40 million.

Bruce Niven, executive MD at Aramco Ventures, said:

“Aramco Ventures’ $1.5 billion Sustainability Fund supports innovative technologies that reduce Scope 1 and Scope 2 greenhouse gas emissions, and this aligns with Aramco’s goal of achieving net-zero emissions by 2050, said “We are delighted to be partnering with Andium. This technology platform has the potential to reduce fugitive emissions as well as provide operational benefits in a variety of applications. It is an elegant and cost-effective solution.”