While we see parts of the tech industry struggle to respond to collapsing equity markets or raise money, energy tech startup IronSight is doubling down on its expansion and hiring plans.
IronSight announced today the successful close of a raise led by ARC Financial to help the company recruit top talent from the tech sector as it continues its expansion into the U.S. market. The company is not disclosing the size of the raise. It had previously announced scaleup funding by ARC Financial in October 2021.
With many tech companies also facing layoffs, IronSight has found itself needing a bigger team to support greater demand for its field logistics and operations workflow platform.
After a recent influx of opportunities in the U.S., IronSight set out to raise capital to expand its team and bring on strategic investment partners. Among IronSight’s new investors are well known names in the energy and tech sectors such as Scott Saxberg, Patrick Elliott, Michael Kanovsky, Dr. T. Chen Fong, and John Rossall. The imprint of Creative Destruction Lab – Rockies is all over the raise.
IronSight has an interesting origin story. It’s a Software as a Service (SaaS) provider that is taking the guesswork out of energy and industrial operations for energy producers and service providers. The company was founded by two former vac truck operators – Shawn Martens and Adam Jessome – back in 2017. Just five years later, the company has deployed to every major basin in Canada and the U.S.
Using cloud-based software, IronSight digitizes field data capture and operations workflows involving people, equipment and service logistics. Doing so creates immediate operational and administrative efficiencies that help clients make business decisions that increase productivity, reduce costs, optimize assets and enhance safety.
“We knew the technology equity raise conditions were tough, but we believed in our platform and the culture we have at IronSight,” said Shawn Martens, IronSight’s co-founder and President.
“That belief has proven time and again to be well deserved. We’ve put in a lot of hard work planning our approach, building an exceptional product and generating momentum. Investors saw the value in where we are heading and what we’re delivering for our clients.”
The “vac truck company turned software provider” is now setting its sights on recruiting top talent. The upcoming hiring push will add 16 new positions, with the bulk of the new hires being brought on into Engineering and Revenue Operations roles. The new roles represent a 50% increase to the current employee base.
“One thing we feel really gives us a competitive advantage is our culture and our people. IronSight isn’t some tech company that built a solution and then went to find a market for it,’ said Adam Jessome, IronSight’s co-founder and Product VP.
“Our product was built from the field up by people who know what it’s like to be out in the middle of nowhere, knee deep in their work with nothing but the right tools and a dedicated team at their side. The only difference now is we’re in downtown Edmonton, elbow deep in code.”
Finding tech solutions for the movement and flow of products and services in the energy patch has been a hot area for investment and for jobs. In addition to IronSight, companies such as Edmonton’s EZ Ops and Calgary’s Aimsio and Galatea Technologies have been working with energy producers and service providers to expand their scope and further digitize the patch.