Company News · 4 MIN READ
HUVR Raises $5 Million in Series A Funding to Expand Its Next Generation Industrial Asset Management Solution
Posted on October 06
Austin, TX – October 6, 2020 – HUVRdata, Inc. (“HUVR”), a cloud-based industrial asset management solution has announced a Series A financing led by Cottonwood Venture Partners (“CVP”). Joining CVP in this round was Austin based Wild Basin Investments who made the initial seed investment in HUVR in 2015. This financing will allow HUVR to accelerate product development and continue to deliver innovative solutions and services to its growing customer base in the alternative energy, oil and gas, maritime, and other industrial sectors.
HUVR provides a software platform that streamlines and standardizes inspection workflows for both industrial asset owners and service providers with the goal to drive operational efficiency. The company’s industry-leading open platform approach allows industrial asset owners a new way to aggregate and analyze all aspects of complex asset inspection data, including a variety of inspection tools, third party service data, digital checklists, and native databases. The HUVR platform results in a single, standardized data repository that enables unprecedented insights and analytics, such as the ability to visualize trends across the fleet, site, and individual assets.
“HUVR was built alongside our customers’ operations teams – designed from the ground up to be simple to use, flexible to implement, and valuable from day one. We are the first to build an open platform where asset inspection data can be aggregated with valuable and configurable reporting and analytics. The vision was to have asset owners own their own asset data, and, more importantly, to use their data to make business decisions. The results are significant efficiency gains and millions of dollars in savings” said HUVR co-founder and CEO Bob Baughman.
HUVR is the latest software company to join CVP’s portfolio of leading energy technology solutions. Ryan Gurney, Managing Partner of CVP, added, “The volume of industrial inspection data is growing exponentially. Operators are deploying new inspection tools to inspect a growing, and aging, asset base. The tools and processes of the past are simply unable to handle the data. The HUVR platform allows its customers to aggregate their vast amounts of inspection data – more importantly, HUVR is enabling its customers to gain insights from that data. We are delighted to partner with the HUVR team in the next chapter of their growth.”
HUVR provides software solutions to accelerate digital transformation in the alternative energy, oil and gas, maritime, and other energy and industrial sectors. Our technology and best practices enable our clients to transform Enterprise Asset Management into Smart Asset Governance. Our solutions empower our clients to break down data silos and integrate imagery, inspection data, and legacy enterprise asset management databases. Through powerful analytics, HUVR provides visibility and actionable insights across all asset operations.
About Cottonwood Venture Partners
Cottonwood Venture Partners (“CVP”) is an investment firm partnering with technology companies that provide digital solutions for the energy industry. CVP invests in technology companies that have achieved early customer adoption and require capital to accelerate growth. CVP leverages its expertise and relationships in energy and technology to help drive growth at its portfolio companies. For more information, please visit www.cottonwoodvp.com.
About Wild Basin Investments
Wild Basin Investments is a closely held investment firm located in Austin, Texas with a long-standing portfolio emphasis on private early-stage and growth investments. Wild Basin was formed in November 2007 as the most recent investment vehicle for a group of experienced investors who have participated in private equity, venture, and angel investing since 1987. WBI invests alongside other venture capital firms, family offices, private equity funds, and angels, serving as deal leads or as helpful co-investors. WBI reserves significant capital for follow-on investment into our portfolio companies. www.wildbasininv.com