AUSTIN, Texas--(BUSINESS WIRE)--Olea Edge Analytics, an intelligent edge computing platform for the water utility industry, today announced the closing of $35 million in Series C funding led by New York-based global private equity and venture capital firm Insight Partners. The company intends to use the funds to accelerate hiring across all departments and further develop their AI and edge computing-based solutions to help utilities manage water. A full suite of sensors combined with advanced analytics monitor and manage each component throughout the network, giving utility departments previously unavailable insights and recommendations on how to return their resources to optimal performance. Olea Edge Analytics has now raised a total of $50.6 million to help cities monitor and manage critical water assets, including large commercial and industrial meters, uncovering millions of dollars in recoverable revenue. "Cities and water utilities are facing tremendous challenges from all sides: financial, operational, hiring and more," Olea Edge Analytics CEO Dave Mackie said.

In this regular column, we'll bring you all the latest industry news centered around our main topics of focus: big data, data science, machine learning, AI, and deep learning. Our industry is constantly accelerating with new products and services being announced everyday. Fortunately, we're in close touch with vendors from this vast ecosystem, so we're in a unique position to inform you about all that's new and exciting. Our massive industry database is growing all the time so stay tuned for the latest news items describing technology that may make you and your organization more competitive. Algorithmia, a leader in ML operations and management software, announced Insights, a new solution for ML model performance monitoring that provides reliable access to algorithm inference and operations metrics. Many organizations today don't have the ability to monitor the performance of ML models working their way into production applications, and organizations that do, use a patchwork of disparate tools and manual processes, often without critical data required to satisfy stakeholder requirements. Without comprehensive monitoring and centralized data collection, organizations struggle with model drift, risk of failure, and the inability to meet performance targets in response to shifts in environment and customer behavior.

A Texas company is using edge computing and IoT sensors to help cities modernize crumbling water infrastructure and inaccurate water meters. The American Society of Civil Engineers has given the country's drinking water system a D- for the last 10 years. Many components of city water systems date back to the Civil War era. Olea Edge Analytics is using 21st century technology to spot needed repairs and make sure water bills are accurate. Dave Mackie, Olea Edge Analytics' CEO, said the company combines edge computing with artificial intelligence and machine learning to help cities make more informed decisions.