Software maker Veros Systems snags $8M Series A

Sep 23, 2013
Austin Business Journal

Asset monitoring company Veros Systems Inc. has completed an $8 million Series A round of funding


The West Lake Hills-based software maker collected the capital from Houston-based Chevron Technology Ventures, Austin Ventures LP and Austin-based LiveOak Venture Partners


Veros Systems, founded in College Station in 2001, develops software that monitors electric motors and driven assets to detect faults. The company does not disclose the number of workers it employs


In July, Veros Systems reported receiving $5.9 million of a planned $10.9 million funding from 15 investors, according to a filing with the U.S. Securities and Exchange Commission


In August 2012, Veros Systems received the third tranche of a $1.5 million grant awarded in mid-2010 by the Texas Emerging Technology Fund


CEO Jim Dechman said the latest investment comes after a multi-year, multi-site technical evaluation at Chevron. The company’s flagship product, Veros ForeSight, is designed to provide real-time operating metrics and clear, early warnings about impending equipment failures, with zero false alarms


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