Dhahran, Saudi Arabia, September 17, 2014: Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Aramco, today announced the closing of a Series A investment in Wearable Intelligence Inc. SAEV joins Lightspeed Ventures, Schlumberger Technology Corporation, Google Ventures, Andreessen Horowitz, Kleiner Perkins and others as investors in the company.
Wearable Intelligence is developing enterprise applications for emerging wearable computing platforms such as Google Glass, focusing on energy, manufacturing and healthcare verticals.
Cory Steffek, Managing Director of Saudi Aramco Energy Ventures – U.S., commented: “We see tremendous potential for wearable devices in the enterprise, and particularly in the energy industry. The 80% of the global workforce that does not spend their time behind a desk have yet to fully benefit from the tremendous productivity improvements afforded by information technology. We believe that practical, hands-free and secure wearable computing devices have the potential to provide transformational impact from the rig to the refinery; improving safety, operational efficiency, and uptime. We are extremely impressed by the Wearable Intelligence team and the development they have done to date, and look forward to working with them to further enhance the platform.”
Wearable Intelligence builds software to deliver knowledge to the handsfree worker across a broad base of industries including manufacturing, healthcare, and energy. Via wearable technology hardware, these solutions enable the workforce to execute standard work procedures, telecommunicate with experts, and retrieve just-in-time data and training. For more information about Wearable Intelligence, visit www.wearableintelligence.com
Saudi Aramco Energy Ventures is the corporate venturing subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America and Europe, SAEV’s mission is to invest globally in start-ups and high growth companies with technologies of strategic importance to its parent, Saudi Aramco. For more information about SAEV, visit www.aramcoventures.com