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Houston based Oil & Gas AI firm secures $15 million funding

21/05/2019
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Tachyus, a data-driven software company that’s developing artificial intelligence systems for use on Oil & Gas projects, has closed a Series B fundraising round after securing $15 million.

Tachyus will use their $15 million of investment to grow their platform for more advanced artificial intelligence and data physics to provide safe, efficient solutions for oil and gas producers
(Image via Tachyus)

The funding round was led by growth equity firm Cottonwood Venture Partners (CVP) who primarily work with technology companies providing digital solutions for the energy sector.

Tachyus deliver end-to-end technology that enables data-driven decision making for more effective, more efficient Oil & Gas production. Founded in 2013, they recently moved from Silicon Valley to Houston to gain better engagement with Oil & Gas companies.

The investment funds will go into developing and growing the firm’s cloud-based, artificial intelligence-enabled platform.  

"In this economic environment, oil and gas operators need disruptive tools to optimize their fields," said Paul Orland, Tachyus’ CEO and co-founder.

"This investment allows us to reach more customers and accelerate the delivery of new technology that improves our clients' business performance."

Tachyus are already an industry leader in optimising fields under secondary and tertiary recovery, including water and steam flooding, with customers throughout Argentia, Europe and Asia. 

Their platform uses a combination of artificial intelligence and data physics to analyse information from networks of real time sensors in Oil & Gas fields alongside seismic activity, drilling logs, cores, completion designs, production data and maintenance records.

According to Tachyus, the technology combines physical modeling and machine learning to quickly predict mechanical equipment failure, production responses to stimulation, relationships between completion design and initial production, and fieldwide forecasts for any given injection redistribution. 

It allows operators to identify the safest, most efficient operational and development plans, resulting in significant cost reductions and production increases.

“As the oil and gas industry evolves in the face of new commercial challenges, operators need to focus on getting the best performance from their assets, and Tachyus’ technology has a track record of doing just that,” said Jeremy Arendt, managing partner of CVP.

“We are excited to partner with the Tachyus team to expand their reach and empower customers to optimize production across their fields.”

By partnering with CVP, Tachyus are joining other leading Oil & Gas technology firms including Ambyint, Novi Labs and SitePro. With digitalisation now seen as a key factor in the future of the industry, there’s no shortage of tech start-ups seeking new funding to operate in this area.

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Houston based Oil & Gas AI firm secures $15 million funding - Time to read 3 min
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