Elevāt today announced a D4 Investments-led seed financing round of approximately $9.5 million, including the conversion of convertible Note investments, to grow and expand its sensor-driven, cloud-connected, AI-enabled SaaS platform for machinery of all kinds. Members of the Keiretsu Forum and Emles Venture Partners are among the organizations joining the seed financing round.
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Elevāt was recently nominated as the ‘Most Valued Company’ by hundreds of attending angel investors at the Keiretsu Forum Investor Capital Expo. The company was recognized as a stand-out innovator amongst a group of growth-stage entrepreneurial companies from around the world.
“Elevāt helps equipment manufacturers, owners and users increase control, decrease costs and extend the useful life of their machines,” said William Hill, Chief Executive Officer, Elevāt. “This seed round will help us boost sales and marketing to further drive our growth in North America, the European Union, the Middle East and beyond. Along with the success Elevāt has seen in providing IoT cloud-based services for heavy equipment manufacturers, opportunities have arisen with mobile equipment, in plant maintenance, as well as agriculture and the oil and gas industries,” says Hill.
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“As a serial entrepreneur who has built multi-billion dollar cloud-based B2B companies, I have witnessed how the cloud is transforming almost every industry,” says James Kinsella, Founding Partner, D4 Investments. “But machinery, the essential elements of an industrial economy, mostly remain disconnected from the cloud. Elevāt changes that, with its IoT solutions for machinery of any kind. D4 Investments recognizes the extraordinary opportunity to bring the power of the cloud to this critical part of industry worldwide,” explains Kinsella.
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