CPE News (11.16.2023) – Ambyint has completed a new round of financing led by existing investors Mercury and Montrose Lane with participation of new investors BDC Capital and Accelerate Fund III.
Houston, Texas and Calgary based Ambyint is a leading provider of AI-powered production and artificial lift optimization software for the energy industry.
Incorporated in Calgary and Houston in 2015 and 2016, Ambyint has been raising capital as Houston based company. Ambyint did not disclosed which company is raising the capital for this round, the Houston company or the Alberta company or a combination of the two companies.
News funding will be used for accelerating customer growth, increasing its sophisticated energy and tech talent, and optimizing product enhancements including expansion of the company’s proven emissions mitigation capabilities.
photo credit: Ambyint
News Release
Ambyint Secures Capital to Accelerate Sustained Customer Growth
New and existing investors combine to reinforce strong market feedback
CALGARY, ALBERTA, November 14, 2023 (GLOBE NEWSWIRE) – Ambyint, the leading provider of AI-powered production and artificial lift optimization software for the energy industry, is pleased to announce the successful closure of its latest capital round and relocation of its head office to Calgary, Alberta.
The round was led by existing investors Mercury and Montrose Lane, plus new investors BDC Capital and Accelerate Fund III. This capital will be focused on accelerating customer growth, increasing our sophisticated energy and tech talent, and optimizing product enhancements including expansion of the company’s proven emissions mitigation capabilities.
“We have the wind in our sails and are extremely proud to see this transaction close,” said Benjamin Kemp, CEO of Ambyint. “This investment allows us to double down on the energy market and further our AI-enabled optimization platform. Validation from our customers, talented employees, and investors is most welcome as we continue to scale.”
Kemp, who has led the company since 2021, also shared, “Given the uncertainty in the venture capital market, attracting new investors like BDC Capital and Accelerate Fund III, who have followed Ambyint’s journey for several years, demonstrates how far we have come and the exciting future ahead of us.”
Ambyint leads the industry with its production optimization capabilities and is rapidly adding sustainability and emissions-related functionality to its platform. This includes the ability to quantify and mitigate both carbon dioxide and methane emissions, contributing to a more sustainable energy industry.
Mercury Managing Director Adrian Fortino, an investor since 2017, said, “We have had the benefit of seeing the Ambyint platform and team develop over the past six years. We believe they are now poised to dramatically expand their industry footprint and improve customer emissions.”
Joseph Regan, Managing Partner from BDC Capital’s Innovation Venture Fund, shared his thoughts on the investment, “Utilizing advanced AI, Ambyint is addressing a significant opportunity in upstream oil and gas by increasing production while reducing GHG emissions. They are leading the charge between their impressive technological progress and respected, industry-leading customers. We believe Ambyint’s AI software will be the standard operating procedure in this sector.”
About Ambyint
Ambyint is a leading provider of AI-powered optimization software for the energy industry. The platform helps oil and gas producers increase production, reduce operating costs, and minimize their environmental footprint. With a commitment to innovation and sustainability, Ambyint is dedicated to shaping the future of energy production.