Seeq secures $23M in funding for IIoT strategy
Seeq Corporation received $23 million in Series B funding by the Altira Group, along with participation from Chevron Technology Ventures, next47, the Siemens-backed global venture firm, Second Avenue Partners and other investors. With the funding, Seeq plans to expand its development, sales and marketing resources and its presence in international markets.
Altira’s investment comes in conjunction with a partnership it has with a share of U.S. super-independent oil and gas operators, including Devon Energy, Pioneer Resources, Apache and EQT.
"Seeq is providing an important improvement in software for customers in manufacturing industries to accelerate insights, action and impact on their production and business outcomes," said J.P. Bauman, Principal at Altira Group. "We are pleased to be leading the effort to enable Seeq’s continued growth."
Acquisitions
Emerson buys Tools & Test
Emerson purchased Tools & Test, a manufacturer of electrical and utility tools, diagnostics and test and measurement instruments. Tools & Test joins Emerson’s Ridge Tool business unit, forming tools serving mechanical, electrical and plumbing contractors.
Bacharach Inc. acquires Neutronics Inc.
Bacharach Inc., a provider of HVAC-R gas instrumentation and energy management solutions, acquired Neutronics Inc., a provider of refrigerant and gas analyzers. Neutronics’ technologies serve commercial HVAC, automotive and rescue industries. The acquisition will help Bacharach provide the automotive markets with portable gas test and measurement instrumentation. Financial terms of the transaction were not disclosed. Neutronics will operate as normal under the leadership of President Gary Halpern and Chief Operating Officer David Halpern.
ESC acquires Spectrum Systems; plans to expand CEMS, DAS offerings
Environmental Systems Corporation (ESC) acquired Spectrum Systems Inc. (SSI), headquartered in Pensacola, Florida. ESC supports industrial and utility plants with air emissions compliance requirements while Spectrum Systems is a continuous emissions monitoring service (CEMS) provider that delivers CEMS integration, repairs, maintenance, stack testing, training and data acquisition software (DAS) to industrial and utility customers. ESC and SSI will offer each other’s products and services and will operate as normal in their respective locations in Austin and Pensacola.
Transcat acquires NBS Calibrations Inc.
Transcat Inc. acquired the assets of NBS Calibrations Inc. NBS offers flowmeter calibrations and repair services for liquid and gas, specializing in small- to medium-range flowmeters and flow metering systems. NBS calibrations are documented with NIST traceable certificates and the laboratory complies with MIL-STD-45662A, ISO 10012, ISO 17025 and ANSI/NCSL Z540.1 requirements. NBS President Brent Dudden will join Transcat under a contractor agreement. Financial terms of the transaction were not disclosed.
JBT Corporation acquires FTNON
JBT Corporation, a solutions provider to high-value segments of the food and beverage industry, acquired FTNON, an equipment specialist for the fresh produce, ready meal and pet food sectors, for €32 million before post-closing adjustments. FTNON is in more than 60 countries and sells technology for food processors. The acquisition is projected to add $30 million in JBT’s FoodTech business.
Expansions
