RigUp nets $300 million, plus more top funding news for Austin-based companies

RigUp nets $300 million, plus more top funding news for Austin-based companies
Photo: RigUp/Facebook 
By Hoodline - Published on October 21, 2019.

Austin-based marketplace company RigUp has secured $300 million in Series D funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced Oct. 11 and led by Andreessen Horowitz.

According to its Crunchbase profile, "RigUp is a technology company that develops a platform to support the energy workforce. Its platform serves as a marketplace for services and skilled labor in the energy industry. It also enables the energy industry to digitally interact in a more efficient, safe, and environmentally friendly way."

The six-year-old company has raised five previous funding rounds, including a $60 million Series C round earlier this year.

The round brings total funding raised by Austin companies in commerce and shopping over the past month to $310 million. The local commerce and shopping industry has seen 18 funding rounds over the past year, yielding a total of $507 million in venture funding.

In other local funding news, cyber security company SparkCognition announced a $100 million Series C funding round on Oct. 8, led by March Capital Partners.

According to Crunchbase, "SparkCognition is a global leader in cognitive computing analytics. A highly awarded company recognized for cutting-edge technology, SparkCognition develops AI-Powered cyber-physical software for the safety, security, and reliability of IT, OT, and the IoT. The company's technology is capable of harnessing real-time sensor data and learning from it continuously, allowing for more accurate risk mitigation and prevention policies to intervene and avert disasters."

Founded in 2013, the company has raised five previous rounds, including a $24 million Series B round in 2018.

This story was created automatically using local investment data, then reviewed by an editor. Click here for more about what we're doing. Got thoughts? Go here to share your feedback.