Group 42 invests in US-based Beyond Limits
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.