It doesn't get much more essential than water. But our access to it is not guaranteed.
Just look out west, where water shortages are being met with strict conservation measures. Or check out the new report by the World Meteorological Organization that showed 3.6 billion people didn't have sufficient access to water, at least one month in the year, back in 2018. That number is expected to grow to 5 billion people in 2050.
The renewed focus on water sustainability is part of why Austin-based Olea Edge Analytics is continuing to grow. The startup uses artificial intelligence, sensors and edge computing to monitor city water systems and facilitate billing, as well as providing insights to bolster conservation efforts.
For example, its CityEdge platform, which uses blockchain in addition to AI, automatically notifies city water officials about infrastructure issues that, if fixed promptly, can save significant money or generate more revenue from customers. Those types of problems often occur when big commercial water users get under-billed by inaccurate water meters.
Olea Edge announced Oct. 6 raising $35 million in series C funding led by New York-based Insight Partners. Olea Edge has now raised $50.6 million since its founding by CEO Dave Mackie in 2014.
The company, which has an office in West Austin, currently has 50 employees. About 70% of them are based here. With the new funding, Olea Edge plans to hire roughly 50 more employees over the next 12 months, with roughly 70% of the new jobs being based in Austin.
As part of the new funding deal, Insight Partners Vice President Nicole Shimer will join the company's board of directors.
“Olea Edge Analytics brings incredibly impressive AI and machine learning to an industry that is hungry for innovation,” Shimer said in a statement. “Customers in the water market can see almost immediate returns on their investment with this technology. We’re excited to partner with Olea on their mission of bringing clean, safe and affordable drinking water to all with their one-of-a-kind technology.”
The big round of funding follows a $9 million infusion the company landed last February under its legal name Olea Networks Inc. That round was led by Renewal Funds. A few months later, in May, Olea Edge brought on the former chief technology officer for energy at Google, Ben Wilson, as its chief operating officer.
