VEERUM’s digital twin software tech gets CA$9.3M for growth

 VEERUM’s digital twin software tech gets CA$9.3M for growth

Image courtesy: VEERUM

VEERUM has secured CA$9.3 million in funding to drive its growth as a premier provider of digital twin software solutions. Idea Well Capital Partners, BDC Capital’s Industrial Innovation Venture Fund, Evok Innovations, and Builders VC led the round.

As per Gartner, a digital twin is a digital representation of a physical entity or system. Digital twins of physical assets usually can indeed be useful for a variety of reasons. These include simulation, analysis, understanding system behaviour, real-time data capture, performance optimization, risk mitigation, as well as enhanced collaboration. Hence, digital twin technology is revolutionizing industries by creating virtual replicas of physical assets, processes, and systems.

VEERUM’s successful funding is a testament to the growing recognition of the value and potential of digital twin technology. Further, the ability to create virtual replicas brings immense value in terms of planning, design, maintenance, and operations across various industries.

VEERUM is a SaaS provider that connects asset information to a 3D model of client asset, project, facility, or module. Founded in 2014, the company is headquartered in Calgary, Alberta in Canada. It claims that its innovative platform allows organizations to work more efficiently and safely, providing real-time insights and actionable intelligence.

Also read: Quick backend development tool Platformatic gets US$3.5M seed

Digital twin software firm VEERUM to drive further innovation

The company says that this substantial investment will propel VEERUM’s mission to empower global teams with the fastest digital twin available. With this new funding, VEERUM aims to expand its customer base, enhance its technological capabilities, and drive innovation in the digital twin space.

“This is an incredible time to be a part of our company and we are excited to have Idea Well Capital join the syndicate of our highly supportive investors.”

David Lod, CEO of VEERUM

Idea Well Capital is a venture capital firm based in Calgary, Alberta. They specialize in scaling and maturing climate tech and energy transition businesses.

“We’re thrilled to have led VEERUM’s latest funding round and excited to work with the VEERUM team at this key inflection point in the growth and success of their digital twin business. This investment will solidify VEERUM as the leader and de facto standard of digital twins in the industrial asset ecosystem.”

Glen Phelps, Co-Founder & Partner of Idea Well Capital

Prior to this round, VEERUM raised a CA$7.4M Series A round in February 2021. BDC’s Industrial Innovation Venture Fund and Builders VC led that round, while existing investors Brick & Mortar Ventures, Evok Innovations, Intergen and Creative Ventures had participated.

As per Tracxn, Matterport, Hover, EagleView, and Giraffe360 are other companies in this domain.

Also read: GV funds Cognosys AI with CA$2M to drive growth of AI agents


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