A growing technology firm in the industrial asset visualization space announced this week a funding round to the tune of $9.3 million.
Calgary-based Veerum garnered the capital from Idea Well Capital Partners and existing investors BDC Capital (through its Industrial Innovation Venture Fund), Evok Innovations, and Builders VC.
“This is an incredible time to be a part of our company and we are excited to have Idea Well Capital join the syndicate of our highly supportive investors,” stated David Lod, chief executive of Veerum.
The additional financing will help propel the Alberta digital twin tech firm forward, according to a statement from the company. After 208% year-over-year growth and global clients across the energy, mining and manufacturing verticals, Veerum feels positioned as an integral solution in its clients’ digital tool belt.
“We’re thrilled to have led VEERUM’s latest funding round and excited to work with the VEERUM team at this key inflection point in the growth and success of their digital twin business,” said Glen Phelps, cofounder of Idea Well Capital. “This investment will solidify VEERUM as the leader and de facto standard of digital twins in the industrial asset ecosystem.”
By 2030 the world needs to spend $94 trillion on infrastructure to meet global demand. Currently 90% of capital projects go over budget, resulting in $1.6 trillion waste each year. One cause of this waste is an inability to identify and resolve issues before they impact a project.
Veerum gives asset stakeholders access to digital tools to optimize asset outcomes. It claims to be the easiest-to-implement solution on the market.
“Our clients are accelerating the transition to digital asset ownership, effectively building and maintaining the world’s critical infrastructure,” the company states online. “We bring visibility, transparency, and certainty to asset ownership.”