Artificial intelligence startup Ambyint announced it has raised $11.5 million in Series A financing led by Mercury Fund. GE Ventures, Statoil Innovation AS, and Cottonwood Venture Partners also participated in the offering.
Ambyint offers an AI-driven, artificial lift optimization solution that helps the exploration and production sector reduce cost while improving production. The company integrates physics-based analytics capabilities with data science and machine learning capabilities. Its production optimization platform provides for monitoring, operations, management, and optimization. Ambyint can be deployed using customers’ SCADA data and infrastructure or in combination with a company’s proprietary high-resolution adaptive controllers, which provide higher resolution data and control/optimization capabilities.
In its announcement, the company said the funding will be used to expand deployments of Ambyint’s oil and gas artificial lift optimization solutions in the U.S. and Canada, while continuing to build toward enabling autonomous well operations.