CruxOCM raises US$9 million total in venture financing

Following very strong initial product deployments in heavy industrial control room environments, CruxOCM, the pioneer of robotic industrial process automation (RIPA™) for control room operations, has announced that it has raised US$6 million in venture financing to fuel growth. Early customers are on track to uncover hundreds of millions in
additional revenue through deployment of CruxOCM’s initial product line, pipeBOT. The recent
round was led by Bullpen Capital, with participation from Angular Ventures, Root Ventures,
Golden Ventures, Cendana Capital and Industry Ventures. The capital will be used to grow the
company’s product lines, increase the efficiency of its installation process, and continue
expanding its team across North America.

CruxOCM’s total funding to date is US$9 million, building off of a venture round of US$2.6 million in 2019 co-led
by Angular Ventures and Root Ventures. CruxOCM has proven a strong product market fit over
the last three years and is on track to provide more control room operators with the best tools
available to perform their jobs safely and efficiently. The company’s software is also instrumental
in helping companies to minimise environmental impact and maximise bottom-line revenue via
increased asset utilisation and throughput. CruxOCM will also use the additional capital to
bolster installations so that it can expand across client asset bases faster and begin pursuing
additional product lines into gas plants, gas pipelines and offshore facilities.

“We’re excited to access capital from this group of deep tech, industry-leading venture firms to
bring our technology to more control rooms in the energy sector,” said Vicki Knott, co-founder
and CEO of CruxOCM. “Control rooms are the brains, heart, and soul of the energy sector and
they are in dire need of innovation. Our mission to give control room operators superpowers will
ensure the efficiency and safety of an essential infrastructure we rely on daily.”

RIPA is the foundational technology on which CruxOCM automation solutions gatherBOT and
pipeBOT are built. CruxOCM works with companies ranging in size from US$17 billion to US$77 billion market
capital, to improve efficiency and safety across the control room through automation. RIPA
enables up to 99% reduction in human factors so control room operators can increase their
productivity throughout the day.

“CruxOCM’s RIPA is a game-changer in the industry and we’re thrilled to be a part of this next
growth stage,” said Eric Wiesen, managing partner at Bullpen Capital. “RIPA is crucial for
bringing increased efficiency into existing heavy industry control room infrastructure while
maintaining safety. Even as we prioritise green energy initiatives globally, oil and gas will still be
instrumental in the energy transition so we must use technology to automate where we can
while helping companies to augment metrics in order to hit ESG goals.”

“It’s exciting to see the benefits of software automation and intelligent process control reach
further and further into traditional heavy industries, which have so far been slower to adopt
some of these advanced technologies,” said Gil Dibner, partner at Angular Ventures. “CruxOCM
is at the forefront of leveraging the power of intelligent robotic automation to drive massive
efficiency gains in the oil & gas industry- something that has profoundly positive safety and
environmental implications as well.”

CruxOCM has experienced rapid growth in the last two years. Since its initial funding in 2019,
the company has proven that its software can increase revenue and safety of operations in a
production environment on critical energy infrastructure. Early customers are among North
America and the world’s leading energy giants–and are rapidly expanding pipeBOT
deployments. These early customers are also accelerating additional product offerings from
Crux’s roadmap to bring RIPA to other verticals in their businesses. Among the products that
early customers have fast tracked are powerOPT and draOPT, further decreasing costs of
operation through intelligent automation for their critical infrastructure.

Read the article online at: https://www.worldpipelines.com/business-news/14092021/cruxocm-raises-us9-million-total-in-venture-financing/

This post appeared first on World Pipeliness.

Share This Post

Share on linkedin
Share on twitter
Share on email