WellAware, the oil and gas industry’s only end-to-end remote monitoring and predictive analytics platform for oilfield intelligence, has announced that it has secured an additional $37 million of growth equity funding.
The new round of funding was co-led by Activant Capital Group and Carlos Slim, a prominent investor and the CEO of América Móvil, one of the largest mobile phone carriers in Latin America, along with participation from strategic investors and WellAware board members Mr. Ed Whitacre Jr., the former Chairman of the Board and CEO of AT&T and General Motors, who recently served on the board of ExxonMobil, and Mr. Dick Cheney, former Vice President of the United States and former Chairman & CEO of Halliburton. This funding will enable WellAware to further expand its end-to-end solution for oilfield data collection, storage, visualization, mobility, and predictive analytics.
The oil and gas industry is predicted to spend over $33 billion by 2022 on oilfield intelligence solutions to address key industry challenges such as managing labor shortages, maintaining license to operate, reducing capital expenditure, and increasing efficiency and production. Current oilfield intelligence solutions are expensive, dependent on communication technologies that can be antiquated and may soon be retired, and often include a software interface that can be difficult to use and are limited with regard to interoperability and scale.
In contrast, WellAware’s solution addresses these challenges through a simple yet powerful remote monitoring and production management platform that focuses on solving two key gaps in oilfield intelligence. The first is the communications problem where current data networks, which are very expensive and time consuming to deploy and maintain, cannot provide consistent reliability. Wellhead and pipeline data is not prioritized, and data storage and delivery can be inadequate to meet the growing demand of today’s oil and gas companies. The second key challenge is a data visualization gap. The oil and gas industry is increasingly focused on tapping the potential of big data, yet legacy software systems hold vast amounts of data that is virtually impossible to access and use to assist in strategic decision making. WellAware's user-friendly software platform provides visual tools for interpreting field information and unlocks the value of oilfield data by providing better insights that drive better decisions.
“WellAware is very pleased to welcome our newest investors and board members. Their involvement will significantly help drive our success as we focus on helping our customers increase production, profits and safety by transforming the way energy assets are managed”, said Matt Harrison, Co-Founder and CEO of WellAware. “WellAware’s platform delivers secure, reliable intelligence to our customers anytime, anywhere”, Harrison added.
By providing its customers with innovative automation, a highly reliable and less expensive communications network, user-centered data visualization software, and predictive analytics, WellAware delivers a next generation production management solution. This is all available at a lower cost and greater scale than conventional industry solutions in use today.