Ambyint Secures $15 Million to Expand AI-Powered Production Optimization
HOUSTON--(BUSINESS WIRE)--Feb 4, 2020--
Ambyint, the leader in AI-powered production and artificial lift optimization, today announced a $15 million Series B funding round led by Cottonwood Venture Partners with additional investment from Mercury Fund and Ambyint’s management team. Building on its successful adoption among oil and gas producers, Ambyint will extend its suite of optimization solutions across all wells and artificial lift systems and grow its Houston and Calgary offices.
“Improving margin on producing wells is more important than ever for operators,” said Ryan Gurney, managing partner at Cottonwood Venture Partners. “Ambyint has delivered significant financial benefits for its customers with the application of advanced physics and artificial intelligence, over and above traditional approaches to production optimization. We’re excited to see them expand further in the market with solutions that span the entire lifecycle of the well.”
“Producers flourish - even in a down market - when they understand how exploiting their data effectively can increase productivity and reduce costs,” said Adrian Fortino, managing director at Mercury Fund. “Ambyint turns data into higher yield, more efficient oil and gas production with proven optimization technologies. We’re excited to continue our partnership with such a great company and investor syndicate.”
Ambyint solutions optimize producers’ wells at-scale by automating detection of production and equipment anomalies, recommending controller setpoint changes, and providing production vs. plan analytics to enable real-time corrective decisions. The company applies advanced physics-based models, deep subject matter expertise, and artificial intelligence fueled by the industry’s largest repository of labeled, high-resolution training data totaling more than 250 million operating hours. Ambyint has deployed solutions in every major North American basin increasing production, reducing operating expenses, and lowering failure rates for mid- to large-sized operators such as Equinor and Husky.
“Our physics-grounded approach to AI is the difference maker and explains our strong growth in the market as well as our expanding list of marquee customers,” said Ryan Benoit, chief technology officer, of Ambyint.
“This funding round is an important milestone for Ambyint, and we’re pleased to benefit from unwavering support among our investors to boost Ambyint to its next phase of growth,” said Alex Robart, CEO of Ambyint. “It is also a proof point for our approach of combining advanced physics and artificial intelligence, deployed on a scalable software infrastructure, to deliver 10-20% margin gains in a market where meaningful improvements have been hard to achieve.”
Ambyint, a market leader in AI-powered optimization for the oil and gas industry, delivers step-change improvements to E&P production outcomes and margins by combining advanced physics and subject matter expertise with artificial intelligence to automate operations and production optimization workflows across all well types and artificial lift systems. www.Ambyint.com.
About Cottonwood Venture Partners
Cottonwood Venture Partners (“CVP”) is an investment firm partnering with technology companies that provide digital solutions for the energy industry. CVP invests in technology companies that have achieved early customer adoption and require capital to accelerate growth. CVP leverages its expertise and relationships in energy and technology to help drive growth at its portfolio companies. For more information, please visit www.cottonwoodvp.com.
About Mercury Fund
Mercury Fund is an early-stage venture capital firm. With over $275 million under management, Mercury focuses on entrepreneurs and technology innovation originating in the U.S. Midcontinent. Our investment themes target SaaS, Cloud, and Data Science/AI platforms that make the industrial ecosystems of Middle America more competitive and efficient. www.mercuryfund.com.
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CONTACT: Steve Bell
KEYWORD: TEXAS UNITED STATES NORTH AMERICA CANADA
INDUSTRY KEYWORD: SOFTWARE OIL/GAS FINANCE ENERGY DATA MANAGEMENT PROFESSIONAL SERVICES TECHNOLOGY OTHER TECHNOLOGY
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