Olea Edge Analytics (OEA), provider of a water meter health analytics solution, closed a $35 million Series C funding round last month led by global private equity and venture capital firm Insight Partners. OEA enables utilities to recover millions of dollars in lost revenue and this latest funding will enable the company to support, more utilities worldwide and expand its technological capabilities. The total raised by OEA over seven years is now at $50.6 million, with other investors including Renewal Funds, Mercury Fund and Ananta Family Office. OEA provides equipment that is added onto existing customer meters (industrial, commercial and agricultural), and then combines data such as magnetic rotation, vibration and even images in its edge computing AI platform to assess a meter's health. The AI is able to quickly identify patterns in the data that deviate from how the meter is expected to perform. As David Mackie, chief executive officer of OEA explained, "artificial intelligence basically replaces human intelligence for looking at these things in a repeatable fashion."
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