The funds will enable the company to scale operations and reduce costs, while bolstering research and development (R&D) efforts. Credit: petrmalinak/Shutterstock.

Andium, a leader in Industrial Internet of Things (IIoT) technologies for remote field monitoring, has announced the closure of its $21.7m Series B funding round.

The investment, led by Aramco Ventures, is aimed at accelerating Andium’s growth and enhancing its emissions monitoring solutions.

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The funding round also saw participation from existing investors such as Climate Investment and Intrepid Financial Partners.

This latest investment brings Andium’s total funding to more than $40m since its $15m Series A in 2021.

The new capital is set to propel Andium’s international expansion, particularly across oil and gas fields in the US and the Middle East.

It will enable the company to scale operations, reduce costs for technology and equipment, bolster R&D efforts, and expand its service offerings in industrial automation and emissions monitoring.

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Andium’s innovative approach combines AI-driven software with on-site sensors and cameras, delivering a comprehensive real-time monitoring system.

This technology plays a critical role in tracking environmental, social and governance metrics, identifying methane leaks, fires and equipment failures, and providing instant insights to maintain asset performance and comply with regulations.

Andium founder and CEO Jory Schwach said: “Our end-to-end operating system, which monitors and provides real-time, verifiable emissions data from remote locations, has already been 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’s solutions have demonstrated a significant impact, reducing greenhouse gas emissions by up to 65% per site and cutting operational costs by up to 45% for energy giants like bp and ConocoPhillips.

Additionally, Andium’s automation technology has reportedly reduced windshield time by more than 80%, tackling labour challenges and enhancing efficiency in remote operations.

Aramco Ventures’ $1.5bn (Dh5.63bn) Sustainability Fund, which focuses on technologies that mitigate scope 1 and scope 2 emissions, supports Andium’s objectives in line with Aramco’s ambition to achieve net-zero emissions by 2050.

Aramco Ventures executive managing director Bruce Niven 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.”