PingThings Receives Venture Capital Funding
Summary
PingThings, a San Juan Capistrano, California-based provider of a predictive intelligence platform for the electric utility industry, received an undisclosed amount of funding.Backers included GE Ventures and Frost Data Capital.The investment is part of Frost I3, the Incubator for the Industrial Internet, created last year in partnership with Frost Data Capital and GE Software.The company intends to use the funds to grow initial deployments at major U.S. utilities and to expand its sales team.Led by CEO Rich Sootkoos, PingThings provides PredictiveGrid, a platform that extracts intelligence from volumes of electric utility data to enhance grid stability against a wide array of adverse events, such as a failing transformer or a geomagnetic disruption (GMD) event, enabling a proactive response that can protect service levels, increase customer satisfaction, and provide cost savings.