Sentient Science, a Buffalo industrial equipment monitoring company, has raised $22.5 million in new funding from a Toronto venture capital firm.
The funding from Georgian Partners will help Sentient Science expand its workforce by about 70 people and also expand its presence in the wind energy industry, where the company's materials science-based software is used to predict maintenance and service needs over an 18-month period, as well as other ways to extend the life of a wind turbine.
Sentient Science's DigitalClone Live monitoring system currently is used on about 20,000 wind turbineson 200 wind farms worldwide. The company hopes to expand its business to 100,000 turbines worldwide through expanded marketing and sales efforts that are planned following the capital infusion.
Among the new hires Sentient Science plans are a chief financial officer, vice president of software, software developers and sales and marketing staff in the United States, Europe and China. The company in 2013 moved its headquarters from Idaho to its current offices at 672 Delaware Ave.
The latest round of fundraising is a step toward Sentient Science's ultimate goal of selling stock to the public through an initial public stock offering, said Ward Thomas, the firm's CEO and president.