Elevat Closes $2.5 Million Funding Round

According to a recent release, Elevát, a cloud-based Industrial Internet of Things (IIoT) platform company, has announced that it has secured $2.5 million in a recently completed funding round.

Elevát, a spin-off company of industrial distributor Western Integrated Technologies, Inc., identified the opportunity for an independent IoT software platform to measure and aggregate data for all forms of industrial machinery, including key metrics such as uptime/downtime, and alerts for a variety of alarms or notices including maintenance and location – all in real time. End users can analyze the data to identify improvements to operational efficiency. Elevát, Inc. was advised by Berntson Porter Corporate Advisory.

“The funds will be used to scale our sales channels rapidly and continue to expand Elevát's rich feature sets.” Said William Hill, Founder and CEO, Elevát.

The Software as a Service (SaaS) model utilizes sensors on industrial machinery that feed into a central "box" which communicates to the cloud and the Elevát platform. Data can then be distributed directly to a client's device (laptop, smart phone, tablet, etc.).

Elevát has been deployed across thousands of connected assets in the Mobile Industrial market, with the pace of installation gaining momentum every day. Unlike other IoT solutions, which require extensive customization and integration, Elevát's platform performs "out of the box" with installations by its partners and customers taking hours instead of weeks or months.

“We are excited to bring thought leadership to this market sector, as Elevát enables our clients to gather more data, spot trends earlier and identify ways to improve their bottom line performance for any asset - anywhere, anytime,” said Steven Anderson, President and CTO, Elevát.