Saudi Venture Capital firm Saudi Aramco Energy Ventures (SAEV) has invested $10 million and $26 million in two US firms; Maana and NanoMech.
Maana, based in California, is an analytics platform that turns big data insights into line-of-business applications and has received $26 million in Series B funding led by SAEV. NanoMech, based in Arkansas, uses nanotechnology to develop advanced products for industrial and mechanical applications and has raised $10 million from SAEV. (SAEV is the corporate venturing subsidiary of Saudi Arabian Oil Company, Saudi Aramco. As DubaiBeat reported back in 2012 on its launch, its investments range from $1 million to $30 million per company).
SAEV is listed in the Middle East Investors Directory with the code SINOC23.
More details follows:
Maana, the advanced analytics platform that operationalizes big data insights into line-of-business applications, today announced that the company has raised $26 million in Series B funding led by Saudi Aramco Energy Ventures, the corporate venturing arm of Saudi Aramco, the world’s largest integrated energy enterprise. Also new to this round of financing is Shell Technology Ventures, the corporate venture capital arm of Shell. Existing investors GE Ventures, Chevron Technology Ventures, Intel Capital, and Frost Data Capital also participated in this round. Maana is the first startup in big data analytics and IoT, to raise such a large amount of funding primarily from strategic investors. Series B brings the total funding raised to-date, to over $40 million. This round also brings together some of the world’s largest oil and gas and industrial enterprises as investors, many of which are also Maana customers and have seen the speed at which Maana enables them to optimize their key industrial assets and business processes.
Dhiraj Malkani, Investment Director at Saudi Aramco Energy Ventures and Andy Fligel, Director at Intel Capital, will join the Board. Carl Stjernfeldt, North America Venture Manager at Shell, will join as a Board Observer
“Maana invented the enterprise knowledge graph, taking asset and process optimization to the next level. Our platform is unique in the way it forms operational knowledge from data in silos and translates this knowledge into recommendations for thousands of employees to make better day-to-day decisions,” said Babur Ozden founder and chief executive officer at Maana. “We are very proud of the fact that our investors share our vision regarding the significance of the enterprise knowledge graph as a unique innovation in big data analytics for asset optimization. The business value that Maana is delivering to their organizations and customers is unlike any other technology available in the market today.”
“We decided to invest in Maana after seeing first-hand the business value that Maana’s platform delivers in optimizing assets and processes at some of the world’s largest industrial companies. Maana’s patented invention, the enterprise knowledge graph, is transforming big data analytics with game changing technology that solves some of the most challenging enterprise problems,” said Dhiraj Malkani, Investment Director at Saudi Aramco Energy Ventures. “Maana’s marquee list of Fortune Global 500 customers is testament to the tremendous market opportunity that lies ahead for Maana.”
Maana Drives a New Paradigm in Big Data Analytics for Asset Optimization
Maana invented the “enterprise knowledge graph” for industrial asset optimization. At the center of its advanced analytics platform is its patented enterprise knowledge graph. This breakthrough innovation in knowledge technology enables distributed, high-speed computation for data mining and machine learning across all data silos and data types to provide a holistic view of assets and business processes to be optimized.
This new paradigm in big data leapfrogs over the traditional “data lake” concept into the world of knowledge. Instead of simply extracting data from their current silos and placing them into a “lake,” Maana takes the data from silos and organizes it into a knowledge graph that enables analysts, subject-matter experts, and data scientists to truly collaborate –– for the first time –– on solving the toughest business problems. Over time, Maana’s enterprise knowledge graph grows and itself becomes a key information asset, capturing the complex relations and dynamics of how the business and its core assets operate. By capturing and representing operational knowledge, more people have access to it, enabling wider knowledge sharing transfer that leads to optimization of those assets and processes. Maana then enables subject-matter experts and business analysts to translate those big data insights into recommendations and embed them into line-of-business applications for thousands of employees to make smarter day-to-day decisions.
This investment will be used to expand product development, and build the sales and marketing teams to dramatically scale go-to-market and meet the continued demand for its platform.
NanoMech announced that it has secured $10 million for leading its Series C Financing round from Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Arabia’s national oil company.
“NanoMech is honored to achieve this recognition and investment by the world’s largest energy company,” said NanoMech Chairman and CEO Jim Phillips. “Building on current momentum, NanoMech will use this financing and relationship to expand our global reach, invest in additional sales and marketing resources. We will also increase investment in our market-leading nanotechnology platforms, nGlide, GuardX, TuffTek, and nGuard.”
This capital infusion and relationship will significantly improve NanoMech’s manufacturing, sales and product development. Today’s announcement represents NanoMech’s most significant milestone in the continued validation and authentication of its unique technology.
“Response to NanoMech’s technology at Saudi Aramco and several of our major suppliers has been very positive,” said Cory Steffek, Managing Director, North America for SAEV. “A platform technology like NanoMech’s has significant potential to bring innovation, not only to the energy sector, but also to many other critical industries.”
NanoMech uses nanotechnology to develop advanced products for industrial and mechanical applications such as lubricants, coatings and specialty chemicals. These products have increased performance, efficiency and reliability in multiple industries such as energy, transportation, aerospace, manufacturing, automotive, agricultural equipment and the military.
“Aramco’s strategic investment in NanoMech will transform the productivity paradigm for sustainable global energy production,” said Deborah Wince-Smith, CEO of the U.S. Council on Competitiveness and NanoMech board member. “It will accelerate NanoMech’s position as the global leader in advanced nanotechnology.”
NanoMech has validated and commercialized its innovations to iconic world-leading businesses and has completed an upgrade of its smart factory and labs. Several Fortune 100 and emerging companies have incorporated NanoMech’s nano-engineered solutions to create high-performance products.
“After more than a decade of extensive research and development, and recent large-scale commercialization successes,” said Dr. Ajay P. Malshe, CTO and Founder of NanoMech. “Our industry is leading disruptive nanoscience and is light years ahead of the competition. We are transforming entire industries.
“Our patented multi-functional solutions increase performance, durability and reliability, while achieving top-machine performance like never before. We are ecstatic to be working closely with a company of the size and stature of Saudi Aramco and their highly-regarded venture subsidiary.”
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