[Context: On May 15, California-based OspreyData announced a Series A of $5m led by Houston Ventures. The company is a developer of machine learning technology for oil and gas. Further details and related links are below.]
OspreyData’s AI-Based Optimization Platform for Oil & Gas Raises $5M in Series A Funding Led by Houston Ventures
Leading Energy VC firm Houston Ventures and others invest in OspreyData’s Expert-Augmented Data Analytics platform for Oil and Gas
SAN JUAN CAPISTRANO, Calif.–May 15, 2018–(BUSINESS WIRE)–OspreyData announced a $5 million Series A growth financing led by Houston Ventures with participation from existing shareholders. “This investment will help support our technology leadership position and the further adoption of our unique Expert-Augmented Machine Learning methodology and platform. We will continue to grow the sales and services teams to meet the needs of our global Oil & Gas customers,” commented OspreyData CEO John Burke.
Fred Lummis, Junior Partner at Houston Ventures, said OspreyData was a perfect fit for their fourth fund that targets inefficiencies in Oil & Gas operations. He states, “OspreyData’s hardware-agnostic analytics platform has the ability to deliver massive ROI by leveraging existing production asset data streams to transition operators to an active monitoring program that reduces asset downtime and optimizes well performance. The enthusiastic response from early customers signals a positive shift in the industry’s willingness to adopt Machine Learning-powered analytics solutions that augment the performance of their human and machine assets.”
OspreyData’s core value proposition is maximizing uptime of critical Artificial Lift assets by bringing engineers and operators early detection of key problem states. OspreyData has leveraged the knowledge of leading Oil & Gas industry experts, positioning them alongside Data Scientists to create powerful models capable of predicting problem states with real-time data. OspreyData works with clients in stages, helping them evolve into data-driven producers without requiring proprietary hardware or exorbitant capex investments.
OspreyData is the first software platform to bring Expert-Augmented Machine Learning to the E&P space within Oil & Gas. OspreyData’s predictive models identify the problem states that lead to downtime and sub-optimal production, allowing operators to take early action to prevent failure and increase production and revenues. OspreyData is privately funded and based in Orange County, CA and Houston, TX.
About Houston Ventures
Houston Ventures is a venture capital firm focused on technology solutions for the global Oil & Gas industry.