Novi, an Austin, TX-based developer of AI-driven well planning software, closed a $7m Series A funding round.
Backers included Cottonwood Venture Partners and Bill Wood Ventures.
The company intends to use the funds to scale its technology and team and invest in its well planning technology.
Led by newly named CEO Scott Sherwood, and Founder Jon Ludwig, who has moved into a new role as President, Novi provides an well planning technology platform, which enables oil & gas companies to optimize economic returns for new wells using artificial intelligence and predictive analytics.
The cloud-based solution combines AI-driven predictive analytics with multiple well design inputs, capital costs, and commodity price assumptions to model the financial performance of a well over time, enabling shale producers to optimally allocate capital and mitigate risks for development projects.
Sherwood brings more than 20 years of executive management and sales expertise to Novi from across the high tech and software industries. Prior to Novi, he was CEO of Packet Design (acquired by Fortune 1,000 company Ciena). Earlier in his career, Sherwood was Senior Vice President of worldwide sales at NetQoS, where he spearheaded the acquisition of Global 2000 customers. He also led successful sales initiatives for Cache IQ and ScienceLogic.
Ludwig will focus on expanding Novi’s technology and customer growth.