Veros Systems adds to Series A round of funding; total now $11 million

Jul 2, 2014
Austin Business Journal

Veros Systems Inc., the maker of asset monitoring software, has increased its Series A round of funding to $11 million


The West Lake Hills-based company previously announced the financing at $8 million in September 2013


Investors include Shell Technology Ventures LLC, 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 still operates a research-and-development office in College Station. It does not disclose the number of workers it employs, CEO Jim Dechman said


In July 2013, it 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, which is operated by the office of Gov. Rick Perry


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