AUSTIN, Texas, Feb. 25, 2020 /PRNewswire/ -- Olea Edge Analytics announced it has completed a $9 million Series B round of funding. Renewal Funds led the investment round with participation from existing investors Ananta Family Office and Mercury Fund. The investment will be used to support Olea's rapid product expansion of its AI-enabled IoT water distribution management solution into municipal water utilities across the U.S. Mike Cormack of Renewal Funds and Jaideep Khanna of Ananta Family Office will join the Olea Board of Directors.
"We believe Olea's technology is going to play an outsized role in ensuring the health of the water sector over the coming decade. From supporting critical infrastructure upgrades to detecting leaks, Olea is uniquely positioned to help utilities manage and conserve critical water resources. For the past decade, Renewal has actively supported water technology entrepreneurs and we are thrilled to be partnered with the team at Olea," said Mike Cormack, Venture Partner at Renewal Funds.
Olea is the sole-source provider of water management and revenue recovery technology to two of the top water utilities in the U.S. Olea is currently implementing phased rollouts of its solution in several other major cities. "Olea offers a great product that can help water utilities ensure their equipment is operating optimally and helps identify potential sources of revenue recovery within the water supply system," said Melissa Meeker, chief executive officer of The Water Tower, a new water innovation center in Gwinnett County, Georgia.
Building on a track record of delivering positive ROI within months to its customers, Olea's proven technology goes beyond other smart water tools by using AI and machine learning at the edge to optimize revenue and minimize water loss. "Cities often feel trapped between the need to upgrade and expand their water infrastructure, and the pressure to keep rates low. As cities grow, it puts unprecedented demand on aging systems," said Dave Mackie, chief executive officer of Olea. "People need clean, safe, affordable drinking water and our technology provides for both conservation and increased revenue without increasing rates. Our solution pays for itself in a matter of months."
About Olea Edge Analytics
Olea's proven technology empowers utilities to optimize water delivery, billing and conservation so cities can generate millions more in revenue. Committed to helping water utilities combat aging infrastructure, meet greater demand and limit rate increases, Olea's patented solution combines IoT and edge computing capabilities to bring transparency, accuracy and reliability to the delivery of the world's most precious resource. For more information, visit http://www.oleaedge.com.
About Renewal Funds
Renewal Funds is a mission venture capital firm investing in early growth stage companies in Canada and the United States. We add value for entrepreneurs through capital, networks, and expertise. We deliver above-market returns for our partners while catalyzing positive social and environmental changes.
About Ananta Family Office
Ananta Family Office manages investments across listed and private markets with a focus on innovative growth companies in technology, sustainability, environmental, and real estate sectors. Ananta is founded and managed by a team with over 50 years of combined investment experience.
About The Water Tower
The Water Tower is an innovation center dedicated to the water industry with an integrated approach to applied research, technology innovation and demonstrations, workforce development, and stakeholder engagement. For more information, visit www.theh2otower.org.
VP, Olea Edge Analytics
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SOURCE Olea Edge Analytics