We show you our most important and recent visitors news details Group 42 invests in US-based Beyond Limits in the following article
Hind Al Soulia - Riyadh - Group 42 invests in US-based Beyond Limits
News • 24 September, 2020
Artificial intelligence company Beyond Limits has landed $133 million in its Series C round.
The round was led by new investor Group 42 and existing investor BP Ventures.
Beyond Limits is focused on industrial AI, more specifically energy, utility and power. The Series C round will help it expand globally in those sectors.
The company, which is based in the Los Angeles area, is planning on launching operations in Asia and expanding in the Middle East and Africa. Beyond Limits Asia will have its headquarters in Singapore with offices in Taipei, Hong Kong and Tokyo.
It will also be expanding in North America and Europe and invest in its product portfolio, focusing on repeatable software-as-a-service products, Abdallat said.
The company last raised a $20 million Series B led by BP Ventures in June 2017. The latest round brings Beyond Limit’s total funding to more than $158 million. With the Series C round, Abdallat said going with Group 42 as the lead investor was a good strategy for the company as it goes after the industrial space.
“I always was a big fan of strategic investors and this was very evident in our B round,” Abdallat said. “BP helped us understand products and the energy sector.”
Even with the COVID-19 pandemic, the company hasn’t changed its forecast for 2020 on the booking side, Abdallat said. The company is expecting more than $50 million in booking business in 2020 and expects to double that figure in 2021, owing to its global expansion.
Continue reading this story
These were the details of the news Group 42 invests in US-based Beyond Limits for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Wamda and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.