Mukilteo, startup based in Wash. Elevation raised $ 9.5 million to fuel the growth of its IoT software used by industrial manufacturers to monitor and maintain machines.
Elevāt initially targeted machine builders and expanded into industries such as oil and gas, and energy conservation. Its software helps customers assess the condition and performance of manufacturing equipment. The technology, which is hardware independent, also enables remote machine updates.
Use cases include a customer in the forestry industry who uses Elevāt to improve the way it produces wood chips – the amount of fuel needed, the torque created by a machine, and more.
Hill said that Elevāt gives “the voice to the machines”.
“We are activating the hardware,” he added. “It is a game-changer for manufacturers. “
Livesay said the pandemic is giving Elevāt more momentum. Manufacturing is considered “essential” and companies are looking for ways to manage their equipment without having to travel.
The 13-person company is increasing its revenue by double-digit percentages month over month and is not yet profitable. He has raised new money from D4 Investments – of which Chairman Jim Kinsella will sit on the board – in addition to family offices, individual investors and others.