Ambyint Closes Series A Financing
31 Oct 2017
Big names stepping up to fund Ambyint – “Ambyint, the emerging leader in AI-driven artificial lift and production optimization, today announced a $11.5 million Series A funding round led by Mercury Fund with participation by GE Ventures, Statoil Technology Invest, and Cottonwood Venture Partners. Funding will be used to expand deployments of Ambyint’s oil and gas artificial lift optimization solutions in the US and Canada, while continuing to build toward the ultimate vision of enabling autonomous well operations.”
Benefits from Ambyint are meaningful – “Ambyint’s data science success is fueled by the industry’s largest repository of labeled training data, totaling nearly 100 million operating hours of hi-resolution data. Using Ambyint’s high resolution adaptive controllers, Ambyint continues to build both the size and quality of its industry-leading data lake. As a result, Ambyint has already helped customers show 20%+ reductions in LOE and as much as 10% improvements in production volumes, while improving safety.”
Statoil’s comments are supportive – “The application of artificial intelligence for artificial lift optimization offers a unique opportunity to not only enhance production but also improve overall production efficiency,” said Desikan Sundararajan, Team Lead for Statoil’s Research & Technology group. “Furthermore, this level of automation will also provide operators with active real-time monitoring of wells and likely reduce the number of site visits, thereby minimizing Health, Safety and Environment (HSE) risks.”
Conclusion – We wrote up Ambyint on August 31st and noted that all of us should be calling our favourite E&P’s and asking why they aren’t pushing this technology out to their assets. I’d like to reiterate this call to action. We need see op costs move lower and capital efficiencies move higher. Ambyint will be rolling out pilot projects with US customers next (have been working with a select group of Canadian operators to date). Let me know if you’d like to learn more here.
Source: Mosh Pit from Jeremy Mosher