IOTA Software secures $10.4 million in funding

IOTA Software Inc., a Denver-based developer of industrial and business data visualization software, announced Thursday it has secured $10.4 million in Series A2 funding led by the Denver-based venture capital firm Altira Group with participation from Oxy Technology Ventures and existing investors, including Aramco Ventures and Second Avenue Partners.

J.P. Bauman, partner at Altira Group, will join IOTA’s board of directors.

IOTA’s visualization software is an enterprise-scale, cloud-native platform that provides access to all sources of critical and dynamic business and process information.

The company said the new funding will be used to expand its engineering, product and customer success teams and enhance its technology infrastructure and marketing efforts. IOTA added in a statement announcing the funding that this will enable it to further develop its technology, expand its global reach and continue its growth trajectory.

“We are thrilled to secure this funding, which enables us to accelerate our growth and technology development,” said Ivan Datskov, IOTA’s CEO. “Our platform already helps businesses across a wide range of industries make more informed decisions, and we are excited about the opportunity to positively impact even more organizations.”

“IOTA Software gives industrial enterprise customers the ability to easily bring together typically siloed critical business and operations data in control rooms and remote operating centers in a single pane of glass to improve asset performance,” said Bauman. “On behalf of our seven industry-leading oil & gas company partners, Altira is excited to lead this effort in supporting IOTA as they continue to drive customer success.”

“We are proud to be both partners and customers of IOTA Software,” said Trey Lowe, Chief Technology Officer at Devon Energy. “Their new software, VUE, is revolutionizing the way we view and interact with our production data. The intuitive interface and analytics capabilities will enhance decision-making across each of our operating areas.”