Element, an industrial data hub provider, has closed an $18 million Series B funding round. The investment was co-led by Activate Capital and Forte Ventures.

Existing investors Kleiner Perkins Green Growth Fund, Ajax Strategies, Blue Bear Capital, Schneider Electric Ventures, Honeywell Ventures and ABB Technology Ventures participated in the funding.

New investors participating in the round include Evonik Venture Capital, Kerogen Digital Solutions (KDS), and High Tide Foundation.

As part of the investment, Element is adding to its board of directors David Lincoln, managing director of Activate Capital, and Louis Rajczi, partner at Forte Ventures.

Element has received $40 million in funding to date.

[Image courtesy: Element]