SitePro, a digital oilfield water management company said that it has completed a financing round led by Cottonwood Venture Partners (CVP), a digital oilfield technology venture capital firm.
Image: SitePro digitalizes and automates water infrastructure in the oil and gas industry. Photo: courtesy of PRNewsfoto/SitePro.
Investing alongside CVP were several of SitePro’s earlier investors, including members of the Lubbock Angel Network.
SitePro provides an end-to-end solution for water management by digitalizing and automating water infrastructure in the oil and gas industry.
SitePro’s leading cloud and edge-based technologies streamline operations across the full water-lifecycle and support water management operations for some of the largest oil and gas operators.
The financing will enable SitePro to more rapidly expand to additional geographies and augment its platform to add increased value to its customers.
Water management has become of increasing importance in the oil and gas industry, as water production soars and regulatory requirements mount, increasing operating expenses for operators.
SitePro’s products and services help operators manage their water infrastructure by applying advanced proprietary technology solutions.
SitePro’s customers gain operational efficiencies from the ability to remotely monitor and control assets, improve water logistics, simplifying regulatory reporting, and reduce environmental risks throughout the entire water lifecycle.
SitePro co-CEO David Bateman said: “The downturn created a need for companies in the oilfield to become more efficient. At SitePro, we help companies apply solutions for their water infrastructure to help reduce costs and gain visibility to track water across assets in real-time to help optimize decision making.
“As a result, we have seen a dramatic increase in customer adoption of our technologies and we are excited to leverage our partnership with CVP to accelerate growth.”
To capitalize on its current position as the leading water management automation technology, SitePro plans to expand and enhance its product and service offerings.
SitePro co-CEO Aaron Phillips said: “When we think about our product roadmap and enhancing its value for the industry, we are focused on leveraging our IoT platform for data collection and analytics as we continue to improve our one-of-a-kind solution that offers real time information at our users’ fingertips.
“We are excited about the opportunity to accelerate our focus on product development with the partnership with CVP.”
SitePro will add to its team and open additional offices to better serve its customers throughout North America. Further, SitePro will add software engineering talent to strengthen its existing platform and launch additional products currently under development.
The added products and features will enable SitePro’s customers to improve site automation, rapidly and accurately detect and predict failures, and seamlessly manage numerous assets remotely.
CVP managing partner Ryan Gurney said: “SitePro is already the preferred provider of automation technologies to the growing water market in the Permian Basin.
“SitePro is on the leading-edge of the digital paradigm shift that we have seen take hold in the oil and gas industry and has already achieved tremendous success. We are excited to partner with the team to continue to deliver innovative solutions to our customers.”
Westlake Securities, LLC served as financial advisor to SitePro in connection with the transaction.
Source: Company Press Release