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Space-Time Insight raises USD20m in series C financing

SpaceTime Insight, a provider of situational intelligence solutions, has raised USD20m in series C financing to drive the company’s continued expansion in the US and international markets.  

 
London-based private equity fund Zouk Capital joins current investors Opus Capital Ventures, EnerTech Capital, and Novus Energy Partners in this round of financing.
 
“To make critical decisions, companies worldwide need to analyse huge volumes of data residing in numerous silos across their IT and operational infrastructures in real-time,” says Space-Time Insight chief executive Rob Schilling. “The series C financing enables Space-Time Insight to extend the reach of situational intelligence, fulfilling the needs of those businesses and making a significant contribution to their bottom line. We are proud to have the support of our existing investors as well as Zouk Capital, which has a track record of growing businesses in new geographies across European and Asian markets.”
 
Space-Time Insight’s software enables its list of customers, such as Hydro One, Southern California Edison, the California ISO, Sacramento Municipal Utility District (SMUD) and a global delivery services company, to reduce risk, improve service reliability and efficiency, and significantly reduce costs through visualization and analysis of real-time and historical data.
 
The funds will be used to further expand the company’s presence in the US, Europe and Asia, while increasing its product offerings for capital asset-intensive industries such as utilities, oil and gas and transportation.
 
According to GTM Research, the global smart grid market is expected to surpass USD400bn by 2020 with an average compound annual growth rate of over eight per cent. 
 
“Over the last few years the urgent need for software that enables businesses to understand and interpret vast amounts of data across many different systems has become critical from both a cost and resource efficiency basis,” says Samer Salty, chief executive at Zouk Capital. “Zouk has identified Space-Time Insight as the clear leader in its category and is thrilled to have the opportunity to contribute to its success. In particular, we look forward to working closely with the Space-Time Insight team in its further expansion into Europe and Asia.”
 
Salty will join Space-Time Insight’s board of directors.

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