Datagration Solutions Inc. announced the closing of additional equity financing on Feb. 1 to support the growth of its business with funds slated to further advance the PetroVisor Platform, add to its implementations and customer success group and recruit additional global sales resources.
All major existing investors, including Quantum Energy Partners' Innovation Fund, participated in the fundraising and several new investors, led by Houston-based EIV Capital, an energy-focused private equity firm.
"E&P companies have expressed their frustration with one-off, point solutions. PetroVisor is a modernized, open, agnostic SaaS platform everyone uses in an oil and gas company, from the CEO to the Production Superintendent," Peter Bernard, chairman and CEO of Datagration, said.
Launched in 2020, Datagration has already delivered significant value for multiple upstream companies globally. PetroVisor's ability to consolidate and integrate disparate data systems in a unique, scalable, and flexible format brings substantial customer value. This functionality is the key feature that enables powerful analytics, workflow automation, and artificial intelligence/machine learning (AI/ML) across disciplines and functions.
"PetroVisor integrates engineering, geological, financial, accounting, production information, all key data into one version of the truth," Bernard added. "It is deployed on any cloud, not user-defined, uses ML/AI technology, and E&P companies no longer have to worry about 'vendor lock-in.'"
Datagration will use a portion of its new funding to grow its portfolio of platform-native apps and expand the use of its Unified Data Model (UDM) that can influence operational and process changes to improve asset productivity and profitability.
"Oil and gas companies that do not embrace advanced data analytics today will soon be left behind as much of the industry has woken up to the tremendous power of data," said Jeffrey Harris, who oversees Quantum's Innovation Fund. "Our follow-on investment in Datagration is evidence of the PetroVisor platform's rising momentum and product leadership in this space."
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