Novi Labs, an Austin, Texas-based provider of machine learning well planning software for the oil and gas industry, raised a funding round of undisclosed amount.
The round was led by Cottonwood Venture Partners with participation from seed investor Bill Wood.
The company will use the capital to further accelerate growth by adding engineering talent, expanding the customer success team, and developing new products and features, including an application focused on the needs of financial firms servicing the oil and gas industry.
Founded in 2014 by Jon Ludwig, CEO, Novi Labs provides a cloud-based machine learning software platform for companies in the oil and gas industry to design wells and optimize development programs to maximize economic performance. With Novi, oil and gas analysts and engineers can uncover insights from data and use it to improve economic success in near real time.
The company has built a customer base of exploration and production companies and is actively expanding its product offerings to provide additional value.