Veros Systems Raises Money from Shell, Austin Ventures, Live Oak

Veros Systems LogoVeros Systems, an industrial asset monitoring company, announced today that Shell Technology Ventures LLC has joined their list of investors alongside Austin Ventures, Chevron Technology Ventures and LiveOak Venture Partners.

“We are very proud to have Shell Technology Ventures as an investor,” said Jim Dechman, President & CEO of Veros. “We will work hard to bring new insights into some of Shell’s facilities around the world, both on and off-shore.”

The company’s flagship product, Veros ForeSight™, is the only industrial asset monitoring system that provides a dashboard with real-time operating metrics and clear, early warnings, with zero false alarms. The non-invasive, self-learning system interfaces at the motor control center or variable frequency drive enclosure, typically found top-side in off-shore and subsea applications. Proprietary software algorithms convert three phase voltage/current signals into real-time operating information, such as efficiency, shaft torque, mechanical load and power consumption.

“The investment follows extensive testing of Veros ForeSight monitoring technology,” said Geert van de Wouw, Manager of Shell Technology Ventures. “Their ability to decipher new information from electrical waveforms could change the way we monitor the conditions of our assets, both on and off-shore. This is truly innovative technology.”

Since ForeSight continuously monitors 300+ metrics about asset risk and performance, it can immediately see slight variations, accurately detect faults, predict failures, and provide alerts months in advance, early enough to plan and take action. This results in less unplanned downtime, increased safety and improved efficiency, while minimizing spare parts cost and time spent on maintenance.

About Bryan Menell

Bryan is the Managing Editor for AustinStartup and the CEO of Mahana. He is a co-founder of Capital Factory, an investor and advisor, and runs the popular Austin Tech Happy Hour with his wife.