Ambyint, a Houston, Texas-based provider of an AI-driven oil and gas artificial lift and production optimization platform, raised $11.5m in Series A funding.
The round was led by Mercury Fund with participation from GE Ventures, Statoil Technology Invest, and Cottonwood Venture Partners.
The company intends to use the funds to expand deployments of its solutions in the US and Canada, while continuing to develop the tech platform.
Led by Alex Robart, CEO, and Nav Dhunay, COO and Founder, Ambyint combines traditional physics-based methods with artificial intelligence and machine learning to deliver a solution for oil and gas artificial lift optimization. The platform automates diagnosis, automatically adjusts operating parameters, and predicts failures. Customers deploy the Ambyint Production Optimization Platform either with existing customer SCADA systems or with the company’s High Resolution Adaptive Controllers, which enable higher resolution data acquisition and automated control for artificial lift systems.