Veros Systems Receives Investment from Shell Technology Ventures
Industrial Asset Monitoring Company Extends Series A Financing Total to $11M
AUSTIN, Texas, July 2, 2014-- Veros Systems, an industrial asset monitoring company, announced today that Shell Technology Ventures LLC has joined their list of investors alongside Austin Ventures, Chevron Technology Ventures and LiveOak Venture Partners.
“We are very proud to have Shell Technology Ventures as an investor,” said Jim Dechman, President & CEO of Veros. “We will work hard to bring new insights into some of Shell’s facilities around the world, both on and off-shore.”
The company’s flagship product, Veros ForeSight™, is the only industrial asset monitoring system that provides a dashboard with real-time operating metrics and clear, early warnings, with zero false alarms. The non-invasive, self-learning system interfaces at the motor control center or variable frequency drive enclosure, typically found top-side in off-shore and subsea applications. Proprietary software algorithms convert three phase voltage/current signals into real-time operating information, such as efficiency, shaft torque, mechanical load and power consumption.
“The investment follows extensive testing of Veros ForeSight monitoring technology,” said Geert van de Wouw, Manager of Shell Technology Ventures. “Their ability to decipher new information from electrical waveforms could change the way we monitor the conditions of our assets, both on and off-shore. This is truly innovative technology.”
Since ForeSight continuously monitors 300+ metrics about asset risk and performance, it can immediately see slight variations, accurately detect faults, predict failures, and provide alerts months in advance, early enough to plan and take action. This results in less unplanned downtime, increased safety and improved efficiency, while minimizing spare parts cost and time spent on maintenance.
About Veros Systems
Veros is an industrial asset monitoring company based in Austin, Texas. The company’s flagship product, Veros ForeSight, provides a dashboard with real-time operating metrics and clear, early warnings about impending equipment failures, with zero false alarms. Engineering and maintenance managers rely on Veros ForeSight to quickly and easily know how their equipment is operating, identify poorly performing assets and be alerted to problems months in advance, so they can plan and take action. For more information, please visit http://www.verossystems.com.
About Shell Technology Ventures
Shell Technology Ventures (“STV”) is the corporate venture capital arm of Royal Dutch Shell plc (“Shell”). With major offices in Europe and the USA, STV invests in technology companies to enhance the development of new technologies that have the potential to create substantial deployment value in Shell. Continuing Shell’s tradition in venture capital since 1998, STV’s investment focus includes oil & gas, renewable energy technologies, water and IT. STV co-invests with other corporate investors, venture capital funds and angels and will invest in both early stage and late stage (growth capital) companies. For more information, please visit http://www.shell.com/techventures
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