Ambyint Closes $15 Million Series B to Expand AI-Powered Production Optimization
Ambyint, one of the hottest oil & gas startups leading the AI-powered production and artificial lift optimization, today announced a $15 million Series B funding round led by Cottonwood Venture Partners with additional investment from Mercury Fund and Ambyint’s management team. They plan to use the cash infusion to expand their current product offering lineup as well as their offices in Houston & Calgary.
“Improving margin on producing wells is more important than ever for operators,” said Ryan Gurney, managing partner at Cottonwood Venture Partners. “Ambyint has delivered significant financial benefits for its customers with the application of advanced physics and artificial intelligence, over and above traditional approaches to production optimization. We’re excited to see them expand further in the market with solutions that span the entire lifecycle of the well.”
“Producers flourish – even in a down market – when they understand how exploiting their data effectively can increase productivity and reduce costs,” said Adrian Fortino, managing director at Mercury Fund. “Ambyint turns data into higher yield, more efficient oil and gas production with proven optimization technologies. We’re excited to continue our partnership with such a great company and investor syndicate.”
Ambyint solutions optimize producers’ wells at-scale by automating detection of production and equipment anomalies, recommending controller setpoint changes, and providing production vs. plan analytics to enable real-time corrective decisions.
“It is also a proof point for our approach of combining advanced physics and artificial intelligence, deployed on a scalable software infrastructure, to deliver 10-20% margin gains in a market where meaningful improvements have been hard to achieve.” said Alex Robart, CEO of Ambyint. “This funding round is an important milestone for Ambyint, and we’re pleased to benefit from unwavering support among our investors to boost Ambyint to its next phase of growth.”
We love the guys over at Amybint and truly believe that their technology is a no-brainer for any operator. We’re really excited to see what’s next for them. You can check them out at https://ambyint.com/