Andium Secures $21.7 Million Series B Funding to Accelerate Global Expansion of Remote Field Monitoring Platform
Andium, a leading provider of Industrial Internet of Things (IIoT) remote field monitoring and communications technologies, announced today that it has secured $21.7 million in Series B funding. The round was led by Aramco Ventures, the corporate venture arm of one of the world’s largest integrated energy and chemicals companies. Existing investors Climate Investment, Intrepid Financial Partners, and prominent individual investors, including former Citadel CIO, Thomas Miglis, also participated in the round.
This investment brings Andium’s total funding to over $40 million, following its $15 million Series A round in 2021. The new capital will be used to accelerate Andium’s global expansion, including scaling operations across oil and gas basins in the U.S. and the Middle East. Andium will also use the funding to reduce technology and equipment costs, support ongoing research and development, and enhance its range of services in industrial automation and emissions monitoring.
“This investment is a powerful endorsement of our platform, which will be pivotal as we enter our next stage of growth,” said Jory Schwach, Founder and CEO at Andium. “Our end-to-end Operating System, which monitors and provides real-time, verifiable emissions data from remote locations, has already proven to lower operational costs, cut emissions, and improve safety—helping energy, mining, and waste companies meet their net-zero and zero-harm goals.”
Transformative Technology for a Sustainable Future
Andium’s innovative platform combines AI-powered software with on-site sensors and cameras to provide a comprehensive, real-time solution for remote field monitoring. This enables accurate tracking of environmental, social, and governance (ESG) metrics, detecting issues like methane leaks, fires, and equipment malfunctions. By providing instant insights, Andium helps companies ensure continuous asset performance and regulatory compliance.
The technology has already demonstrated its effectiveness in reducing greenhouse gas emissions by up to 65 percent per location while lowering field operational costs by up to 45 percent for major energy companies like BP and ConocoPhillips. Andium’s real-time monitoring automation reduces windshield time by over 80 percent, addressing labor challenges, empowering workers, and improving efficiency across remote locations.
Aligning with Aramco’s Sustainability Goals
Aramco Ventures’ $1.5 billion Sustainability Fund supports innovative technologies that reduce Scope 1 and Scope 2 greenhouse gas emissions. This aligns with Aramco’s goal of achieving net-zero emissions by 2050. “We are delighted to be partnering with Andium,” said Bruce Niven, Executive MD at Aramco Ventures. “This technology platform has the potential to reduce fugitive emissions as well as provide operational benefits in a variety of applications. It is an elegant and cost-effective solution.”
Addressing Methane Emissions at COP29
Andium’s funding comes at a critical time, as COP29 approaches next month and methane emissions will take center stage. Methane is a potent greenhouse gas that traps 80 times more heat than carbon dioxide over a 20-year period. Approximately 60 percent of methane emissions stem from human activities, with the energy sector, primarily fossil fuels, accounting for over one-third of these emissions.
As methane reduction becomes a regulatory priority, Andium’s solutions will play a crucial role in helping companies meet emission reduction targets. At scale, Andium’s technology has the potential to contribute to lowering global temperatures. Errant methane releases from industrial facilities are contributing to more than a third of a degree Fahrenheit (approximately 0.14°C) in global warming.
Endorsements from Participating Investors
“Andium’s platform provides a critical and cost-effective tool for energy companies looking to meet their ambitious emissions reduction goals in an increasingly complex regulatory landscape. By providing real-time, verifiable emissions data, Andium empowers operators to take informed, actionable decisions that reduce costs and deliver impact today. We’re pleased to continue supporting Andium’s growth as it scales its transformative solutions globally.” —Marc van den Berg, Global Managing Director for Investments, Climate Investment.
“We are proud to support Andium as they push the boundaries of industrial innovation to address critical issues facing many industries, particularly energy. This investment aligns with our venture fund’s strategy of investing in, and partnering with, truly transformative companies driving the future of sustainable energy and industry.” — Skip McGee, Co-founder and CEO of Intrepid Financial Partners
“Andium’s innovative IIoT platform is a game-changer for industries striving to reduce their environmental impact. As an early investor, I’ve been consistently impressed by the team’s ability to deliver cutting-edge solutions that drive tangible value for customers through emissions reduction and operational efficiency gains. Andium is at the forefront of the sustainability revolution, and I’m excited to continue supporting their growth as they scale globally.” — Tom Miglis, former CIO of Citadel and current Investment Partner at Nyca Partners
About Andium
Andium is on a mission to create a more sustainable future. The company has developed an end-to-end Industrial Internet of Things platform to arm the most consequential markets with the tools they need to reduce emissions, improve safety, and boost operational efficiency. By providing real-time, verifiable emissions data and comprehensive environmental, social, and governance (ESG) monitoring, Andium enables companies to make data-driven decisions that drive meaningful change. From energy and mining to waste management, Andium is at the forefront of the sustainability revolution, elevating critical voices and building a better world for generations to come.
About Aramco Ventures
Aramco Ventures is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America, Europe, and Asia, Aramco Ventures’ strategic venturing programs invest globally in start-up and high growth companies with technologies of strategic importance to its parent, Aramco, primarily supporting the company’s operational decarbonization, new lower-carbon fuels businesses, and digital transformation initiatives. Aramco Ventures also operates Prosperity7, the company’s disruptive technologies investment program.
About Climate Investment (CI)
Climate Investment is an independently managed specialist investor focused on accelerating capital-efficient decarbonization of heavy emitting sectors. Operational since 2017, its team of investment and technology professionals has built a portfolio of 39 technology and business model innovations across energy, transportation, buildings, and industry. Collectively, its Catalyst portfolio delivered 95 MT CO2e of cumulative greenhouse gas reduction in the period 2019-2023. Climate Investment was founded by member companies of the Oil & Gas Climate Initiative (“OGCI”). They have invested in Climate Investment funds and deployed many of its portfolio innovations, supporting their early commercial development.
About Intrepid Financial Partners
Intrepid Financial Partners is the leading energy-focused merchant bank that provides investment banking and investing management services. Intrepid’s leading boutique investment banking business provides independent and best-in-class merger and acquisition, restructuring, and capital markets services to the traditional energy and energy transition sectors, and has advised on ~$200 billion of transactions since its founding in 2015. Intrepid’s investment management business makes principal debt and equity investments through its managed funds. Current strategies include private equity, infrastructure, and venture capital across traditional energy and energy transition.
