Funds for Oil and Gas Data Firm Validere

Canada-based informatics platform Validere has closed $15m in Series A funding, which it says will be used to scale in its rapidly growing US market, expand its team and grow its technological capabilities across the oil and gas ecosystem.

The firm has offices in Houston, Calgary and Toronto and was founded by Harvard graduate and scientist Dr. Ian Burgess and entrepreneur Nouman Ahmad (pictured). It provides real-time insights into product quality to help US and Canadian energy companies realize efficiencies, monitoring and optimizing over 3 million barrels per day. The round was led by Wing VC, with participation from Greylock Partners and Sallyport Investments.

CEO Ahmad comments: '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. As oil changes hands multiple times across the supply chain, it's incredibly challenging to keep track of product quality... Despite its importance, access to real-time quality data has been an elusive gap for the industry'. Burgess, who is CTO, says the firm is helping with both efficiency and environmental impact, helping companies minimize unnecessary shut-ins, system leaks, and overall emissions.

Aaref Hilaly, Partner at Wing VC and board member for Validere, comments: 'Validere is creating a system of record for product quality in oil and gas, much as Salesforce did for sales and Workday for HR. In the process, it has the potential to massively improve supply chain efficiency, increasing margins and helping companies manage their environmental footprints'.

Web site: www.validere.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.