Ambyint has raised US $11.5 million in Series A funding led by Mercury Fund with participation by GE Ventures, Statoil Technology Invest, and Cottonwood Venture Partners.
Ambyint intends to use new funds 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.
Calgary based Ambyint delivers an Artificial Intelligence (AI) Driven automation and analytics solution for artificial lift optimization that builds on traditional physics-based techniques. Built on 10+ years of domain expertise, Ambyint automates diagnosis, automatically adjusts operating parameters, and predicts failures, resulting in improved production and reduced LOE.
“Ambyint’s ground-breaking artificial lift and production optimization solutions deliver compelling value to oil and gas producers,” said Alex Robart, CEO of Ambyint. “Artificial intelligence has shown huge promise in multiple industries, but we believe that many customer and vendor attempts to use advanced AI will not be successful, not because the core machine learning techniques are inadequate, but rather due to the lack of high resolution, labeled training data. Ambyint has spent over a decade building one of the largest repositories of high quality production and optimization data that is used to train and improve our advanced analytics capabilities. As a result, our customers see significant improvements in both operating expense and production volumes.”
“Securing significant investments from leaders in the Industrial Internet, SaaS and digital oilfield investment communities support our market-leading technology and will enable us to scale our business with new offerings and geographic expansion,” said Nav Dhunay, COO and founder of Ambyint. “Our investors recognize how Ambyint’s production optimization platform changes the game by utilizing industry proven optimization algorithms with leading edge machine intelligence.”
“We believe there is no better time to invest in oilfield production efficiency and optimization given the expected industry trends for the next several years,” said Adrian Fortino, Partner at Mercury Fund. “The combination of the management team’s industry expertise and network and the Ambyint platform and team was the perfect fit for our investment themes.”
“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.”
“Despite the uncertainty in the oil and gas market, we’ve seen several themes hold constant over many cycles in the industry,” said Ryan Gurney, Managing Partner of Cottonwood Venture Partners. “The need for improving operational efficiency through the application of advanced technologies is now more important than ever. We are just at the beginning of seeing what artificial intelligence, data science and distributed sensor networks can do to disrupt the status quo. Ambyint has emerged as a leader in the segment by delivering cutting-edge solutions to its customers.”