Motive Drilling Technologies, a Dallas, TX-based drilling decision-automation company, raised $10.5m in Series A funding.
The round was led by Formation 8 and GE Ventures.
The company intends to use the funds to expand deployment of its solutions.
Led by President and CEO Todd Benson, Motive Drilling Technologies offers a guidance system that provides turn-by-turn instructions for optimized directional drilling of horizontal wells using machine intelligence. Directional drilling decisions are driven by algorithms that leverage data analytics, real time dynamics and economic modeling. Over the years, the system, which has been issued 7 patents with 9 more pending for different components, has drilled more than 1.4 million feet in over 100 directional wells throughout the major North American unconventional plays.
The company was formed within Hunt Energy Enterprises L.L.C., a venture startup incubator within Hunt Consolidated Inc.,