RALEIGH – Investors have poured $6 million into Raleigh-based ndustrial, an emerging startup that utilizes machine learning and other technology to help clients optimize operations and reduce energy costs.
“This funding will enable us to move our technology into broader market areas and use cases within the industrial segment,” said Jason Massey, the founder and CEO, ndustrial, in announcing the funding. “Expanding our footprint will allow more industrial businesses to derive insights from real-time, streaming data, and to apply algorithms to automate efficiencies in energy usage or production applications. This gives our customers a competitive advantage as well as the ability to drive innovation across their sites.”
ENGIE New Ventures and Clean Energy Ventures, led the round. Also participating were Orion Energy Systems, Lineage Logistics, and Clean Energy Venture Group.
Vincent Pichon, ENGIE New Ventures, and Daniel Goldman, Clean Energy Ventures, join ndustrial’s board as part of the deal.’
The funding was announced Wednesday.
One customer and back had especially high praise for ndustrial.
“When we decided to invest in ndustrial and join the Board in 2015, they had already helped our site in North Carolina save hundreds of thousands of dollars, and Lineage Logistics had just 30 cold storage warehouses. Today, we are more than 350 sites globally. We’ve been proud to scale our applied sciences and energy efficiency initiatives with the ndustrial team,” said Adam Forste, Co-Founder and Co-Chairman of Lineage Logistics and Co-Founder and Managing Partner of Bay Grove, its manager.
