- Oilfield water intelligence company Sourcewater recently announced that it closed $7.2 million in Series A funding led by Bison Technologies
Sourcewater — a leading provider of oilfield water intelligence — announced it closed $7.2 million in Series A led by Bison Technologies with major participation by Marubeni Corporation and prominent energy industry family offices in Houston, Midland, Dallas, and Oklahoma City.
“For every barrel of oil produced in the Permian Basin there are more than ten barrels of associated water that are sourced, recycled, transported and disposed of. When America became the world’s leading energy producer last year, it also became the world’s leading water producer, times ten. Water management is now the majority of upstream energy production cost, and water sourcing, recycling and disposal capacity is the primary constraint on America’s energy future,” said Sourcewater founding CEO Josh Adler. “Sourcewater has worked for over five years to become the trusted market intelligence provider at the center of the energy-water nexus. With this funding we will continue to build the best data science and engineering team in Houston, develop the most timely, complete and accurate data gathering and analysis systems for upstream water and energy markets, and deliver even more value and insight to our customers. Our whole team is grateful that we have been able to earn the trust and respect of so many of the leading companies in our industry, and we are excited to have the resources to serve them even better.”
Sourcewater essentially gathers data from its online water marketplace, proprietary satellite imagery analytics, hundreds of government databases, market research, and IoT sensors in order to generate holistic geospatial insights into oilfield water markets.
“Having built the top water midstream, infrastructure, and logistics company in Oklahoma, we are well aware of the critical importance of accurate, timely and complete water market data for our business and investment decisions. Sourcewater is without question the innovation leader in the oilfield water data space, and we are excited to support their growth with our strategic capital, expertise and relationships,” added Bison Technologies CEO North Whipple.
Sourcewater was founded from MIT’s Energy Ventures program in 2014. And it has won a number of accolades from institutions like IHS, NEWIN, MassChallenge, and the Rice Energy Alliance. Prior to launching Sourcewater, Adler was the Chief Speechwriter to the Treasury Secretary under President George W. Bush. And he is a graduate of Yale and MIT and holds four U.S. patents.