Artificial Lift Optimization Ambyint Raises $15 Million

By Dan Anderson ● February 11, 2020
  • Ambyint, the leader in AI-powered production and artificial lift optimization, announced that it raised $15 million in Series B funding led by Cottonwood Venture Partners

Ambyint — the leader in AI-powered production and artificial lift optimization — announced recently that it raised $15 million in Series B funding led by Cottonwood Venture Partners with additional investment from Mercury Fund and Ambyint’s management team. And Ambyint — which builds on its successful adoption among oil and gas producers — will extend its suite of optimization solutions across all wells and artificial lift systems and grow its Houston and Calgary offices.

“This funding round is an important milestone for Ambyint, and we’re pleased to benefit from unwavering support among our investors to boost Ambyint to its next phase of growth,” said Alex Robart, CEO of Ambyint. “It is also a proof point for our approach of combining advanced physics and artificial intelligence, deployed on a scalable software infrastructure, to deliver 10-20% margin gains in a market where meaningful improvements have been hard to achieve.”

Ambyint solutions optimize producers’ wells at-scale by automating detection of production and equipment anomalies, recommending controller setpoint changes, and providing production vs. plan analytics to enable real-time corrective decisions.

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“Improving margin on producing wells is more important than ever for operators,” added Ryan Gurney, managing partner at Cottonwood Venture Partners. “Ambyint has delivered significant financial benefits for its customers with the application of advanced physics and artificial intelligence, over and above traditional approaches to production optimization. We’re excited to see them expand further in the market with solutions that span the entire lifecycle of the well.”

Ambyint applies advanced physics-based models, deep subject matter expertise, and AI fueled by the industry’s largest repository of labeled, high-resolution training data totaling more than 250 million operating hours.

“Producers flourish – even in a down market – when they understand how exploiting their data effectively can increase productivity and reduce costs,” explained Adrian Fortino, managing director at Mercury Fund. “Ambyint turns data into higher yield, more efficient oil and gas production with proven optimization technologies. We’re excited to continue our partnership with such a great company and investor syndicate.”

Ambyint has deployed solutions in every major North American basin increasing production, reducing operating expenses, and lowering failure rates for mid- to large-sized operators like Equinor and Husky.

“Our physics-grounded approach to AI is the difference maker and explains our strong growth in the market as well as our expanding list of marquee customers,” stated Ryan Benoit, chief technology officer at Ambyint.