Iron-IQ Secures $3.5M In VC Funding
GRAND JUNCTION, Colo.–(BUSINESS WIRE)–Iron-IQ kicks off 2022 by closing out an oversubscribed Series-A funding led by Ascent Energy Ventures with contributions from Greater Colorado Venture Fund and SCAPE totaling $3.5M to further expand the company’s offerings to oil and gas operators. This comes on the heels of the closing of several new contracts that rapidly expand Iron-IQ’s growth and reinforce industry-wide adoption. The future of SCADA is Iron-IQ, and leading operators are partnering with Iron-IQ to better manage field assets.
“We are thrilled with our progress in 2022,” said Matt Showalter, Executive Chairman. “The support we’ve received from our investing partners allows us to scale Iron-IQ and deliver exceptional value to our clients. The energy industry realizes antiquated legacy systems are unsustainable. If operators want to survive and thrive, they must embrace the digital transformation of energy technology and infrastructure. The first step in the digital transformation is Iron-IQ.”
Michael Ligrani, Iron-IQ CEO, noted, “The days of having an old piece of software running on an old Windows server, in a closed environment, behind a firewall within your network, are rapidly coming to an end. We can do everything securely that a modern cloud product can do – rules and analytics, ESG controls, alarms, integrations – that data can be fed asynchronously between our systems the moment it comes in from the field. The recent funding and customer adoption proves the industry demands cloud-native SCADA.”
Iron-IQ continues to gain traction in the SCADA race with new features and economically sound solutions for any size of well operation- even operators with old pumpjacks lacking monitoring technology.
“Every oil and gas producer needs SCADA. Yet most operators don’t have it,” Ligrani said. “The best operators know, once you monitor controls, your production and efficiency will increase while empowering the management of ESG metrics.”
Iron-IQ’s platform recently updated their core experience to an enterprise offering, challenging the old guard that has dominated oil and gas SCADA. Patch-IQ℠ with alarming, control, IP-camera integration, custom logic layers, and advanced data integration is meant to change the nature of SCADA.
“We started off as a company on a mission to bring Cloud-Native SCADA to oil and gas. We are achieving this mission while expanding our solutions. There are powerful levers that modern operators should use, but the problem is the source of that data- that’s the SCADA system. We’ve rethought how modern SCADA architecture looks and performs, and we’re changing the way SCADA is done in oil and gas. We are the platform of the future,” commented Iron-IQ CEO, Michael Ligrani.
More than ever, oil and gas companies, especially those undergoing M&As, are choosing Iron-IQ to migrate their existing, outdated systems to cloud-native SCADA to save time, money, and manpower that is otherwise squandered with legacy systems. With the changing landscape of environmental regulations and the need for on-demand data, switching to a cloud-native and mobile-first solution is a necessary step in the evolution of how oil and gas will operate in the future.