Leveraging RIPA Technology to Further Automate Control Room Operations
The startup company said that Bullpen Capital led the latest business funding round. Angular Ventures, Root Ventures, Golden Ventures, Cendana Capital, and Industry Ventures also took part in the funding. CruxOCM previously raised $2.6 million in 2019.
CruxOCM leverages its robotic industrial process automation (RIPA) to equip control rooms in the heavy industrial environment. Raised business funding will be used to further accelerate growth, expand product lines, enhance the efficiency of the entire installation process, and attract more talent. Furthermore, the raised business funding will be used to start pursuing new product lines, like gas plants, pipelines, and offshore facilities.
The startup company claims its customers can uncover “hundreds of millions in additional revenue” following the deployment of its “pipeBOT,” the startup company’s initial product line. The ultimate goal is to provide control room operators with “superpowers,” or tools to perform their jobs safely and efficiently. CruxOCM also hopes to be able to expand across client asset bases faster.
"We're excited to access capital from this group of deep tech, industry-leading venture firms to bring our technology to more control rooms in the energy sector. Control rooms are the brains, heart, and soul of the energy sector and they are in dire need of innovation,” said Vicki Knott, co-founder and CEO of CruxOCM.
The startup company claims its software can help companies that operate in the heavy environment to minimize the environmental impact and maximize revenues through increased asset utilization. Its major clients measure their market capitalization in tens of billions of dollars.
RIPA technology allows the startup company to develop robotic solutions like “gatherBOT” and pipe “BOT.” The platform allows for the development of automation solutions, which reduce manual input by 99% and, ultimately, lead to increased productivity.
"CruxOCM's RIPA is a game-changer in the industry and we're thrilled to be a part of this next growth stage. RIPA is crucial for bringing increased efficiency into existing heavy industry control room infrastructure while maintaining safety,” said Eric Wiesen, managing partner at Bullpen Capital.
“Even as we prioritize green energy initiatives globally, oil and gas will still be instrumental in the energy transition so we must use technology to automate where we can while helping companies to augment metrics in order to hit ESG goals.”
The robotic startup company says it has witnessed robust growth since it was founded two years ago. First products were shipped to early customers in North America, including some of the world’s leading energy giants.
CruxOCM says that these early customers are now returning for new products offered by the startup companies, which helps to accelerate their development. Some of these fast-tracked products include powerOPT and draOPT, which help businesses to slash operational costs through intelligent automation of critical infrastructure.
Control rooms automation startup company CruxOCM raised $6 million in fresh business funding from Bullpen Capital and other business investors. The startup company plans to use the raised capital to further accelerate growth, which was robust in the past two years.
About the Author
As an analyst of global affairs, Adriaan has an MSC from Oxford, with diverse interests in the digital economy, entertainment, and business. He is a specialist trainer in Advanced Analytics & Media.