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Sensementrics Inc raises $10M with close of series A round

San Diego-based Sensemetrics Inc. closed a series A funding round, bringing the total amount of investment raised to $10 million, the company announced on Dec. 11.

Sensemetrics’ main product is a platform that manages multiple sensors, and provides real-time data and analysis. The company was founded in 2014 and is focused on safety and risk management for large, industrial operations, including mining, dams, energy companies and industrial machines.

Munich-based holding company X2 Equity led the series A round. X2 Equity’s founder and CEO, Marc Sperschneider, will join Sensemetrics’ board. Two past investors, Mooring Ventures and Three Curve Capital, also participated in the funding round.

Sensemetrics said it would use the additional cash to advance its growth in the industrial IoT market, add more sales and support staff in San Diego and Denver, and further develop its engineering and core platform.

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The funds will also be used to grow Sensemetrics’ business in Europe, the Middle East and Africa, as well as China. X2 Equity said its presence in those markets would help support the expansion.

“Sensemetrics evaluated numerous financing options when looking towards our next phase of growth,” Sensemetrics CEO Matt Meehan said in a news release. “The decision to partner with X2 Equity was driven by their deep background in industrial technologies as well as the support structure that they have put in place to be an active force in expanding our core technology into new regions and markets.”

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