Earth Science Analytics is a petroleum geoscience software provider, and the investment by the consortium is part of its series B funding
A consortium, comprising Equinor Ventures, Wintershall Dea Technology Ventures and Sumitomo Corporation, has made an investment totalling NOK75m($8.3m) in Norway-based Earth Science Analytics.
Earth Science Analytics is engaged in the development of the next generation petroleum geoscience software, by leveraging artificial intelligence, physics- and data-driven approaches.
The investment by the consortium is part of its series B funding for the company.
Earth Science Analytics chairman Kjell-Erik Østdahl said: “We are proud to welcome Equinor Ventures, Wintershall Dea Technology Ventures and Sumitomo Corporation as new institutional investors. Together we will continue to develop the technology to create a step change in geoscience interpretation using AI.”
Equinor Ventures is a corporate venture fund of Equinor, Wintershall Dea Technology Ventures is a the corporate venture subsidiary of Wintershall Dea, an independent gas and oil company and Sumitomo Corporation is among the top largest general trading companies.
Earth Science Analytics developed a modern cloud-native application EarthNET
The company’s software package, dubbed EarthNET, is a modern cloud-native application that enables rapid, cost-effective and precise prediction of rock and fluid properties in the subsurface.
The application is expected to provide enhanced profitability, and success rates for oil and gas exploration, development and production operations, said the company.
The proceeds from the investment round are said to enable Earth Science Analytics to continue with the development of its cloud-based geoscience software along with expanding its global footprint.
Equinor Exploration senior vice president Lisa Rebora said: “Digitalisation is impacting how we work, making it easier to analyse and be creative with data, improving how we collaborate and enhancing our understanding of the subsurface.
“We are always seeking to learn and improve, looking externally for those partners and innovators who can help us release the value of our data and the knowledge of our people.
“The Earth Science Analytics cloud-native solutions will contribute to empower more people to access data-driven and cutting-edge technology, and help generate more opportunities and value with increasing efficiency.”