Validere, an informatics platform with the aim of helping energy companies to realise efficiencies through real-time product quality insights, announced the closing of its US$15 million (CAN$20,551,275) Series A funding round led by Wing VC, with participation from Greylock Partners and Sallyport Investments.
With offices in Houston, Calgary, and Toronto, Validere was founded by Harvard graduate and award-winning scientist Dr. Ian Burgess and entrepreneur Nouman Ahmad, who both recognised the enormous opportunity to bring data transparency to oil and gas.
“Forty trillion dollars of physical oil and gas is traded annually and 3 - 5% of that value evaporates due to opaque and fragmented product quality data,” said Ahmad, CEO at Validere. “As oil changes hands multiple times across the supply chain, it’s incredibly challenging to keep track of product quality. Product quality is critical as it underpins what the product is worth and where it can be delivered. Despite its importance, access to real-time quality data has been an elusive gap for the industry. We are solving this fundamental challenge by bridging new technologies with a deep understanding of the industry’s complexities. As recent market volatility has shown, optimisation tools like Validere’s are more important than ever in helping the industry reduce costs and increase profitability.”
“Validere is making it possible for producers, midstream companies, and refineries to make better operational and trading decisions through accurate and timely product quality insights. It represents a step change in both industry wide efficiency and environmental impact as we’re helping companies minimise unnecessary shut-ins, system leaks, and overall emissions,” said Burgess, CTO at Validere.
Validere’s presence in North America is growing rapidly. Its software is now monitoring and optimising over 3 million bpd for leading oil and gas companies in Canada and the US.
The company will use the funding to scale in its rapidly growing US market, expand its team, and grow its technological capabilities across the oil and gas ecosystem.
Read the article online at: https://www.worldpipelines.com/business-news/16032020/validere-raises-us15-million-series-a-funding-to-accelerate-supply-chain-efficiencies/
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