ChampionX Announces Investment in PingThings, Inc.

Source: www.gulfoilandgas.com 9/22/2021, Location: North America

ChampionX Corporation announced the completion of an investment in PingThings, Inc., which has developed an advanced sensor AI platform that enables its customers to manage tremendous volumes of time series data at scale, helping achieve their system reliability, decarbonization and capital efficiency goals.

“This investment in PingThings is consistent with our long-term strategic priority of accelerating digital revenue streams and expanding our digital offering to other industries by establishing relationships to leverage the digital ecosystem as we continue to evolve our portfolio for sustained growth through the energy transition,” said Sivasankaran “Soma” Somasundaram, President and Chief Executive Officer of ChampionX.

"We are excited to have ChampionX involved in this funding round given their deep understanding and track record of delivering exceptional technology innovation within the energy industry. The performance, scalability, and cost effectiveness of PingThings’ time series data platform has it poised to become the de facto standard for creating value from sensor measurement data in asset-intensive industries,” said Sean Murphy, Chief Executive Officer of PingThings.


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