Saudi Aramco Energy Ventures invests in AI-startup Earth Science Analytics

MAGNiTT News techobserver.in - 1 year ago - Sun, Mar 10, 2019, 1:00 PM

Saudi Aramco Energy Ventures invests in AI-startup Earth Science Analytics
Author: MAGNiTT

By: Tech Observer

 

SOURCE: Tech Observer - Saudi Aramco Energy Ventures invests in AI-startup Earth Science Analytics


Norwegian Artificial Intelligence petroleum geoscience software provider Earth Science Analytics has raised a series A funding from Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of the Saudi Aramco.

Earth Science Analytics is spearheading the development of the next generation petroleum geoscience software based on artificial intelligence. The goal with the cloud based software platform, EarthNET, is to enable faster, cheaper and more accurate prediction of rock and fluid properties in the subsurface, and thus allow oil and gas exploration and production to be done with greater profitability and higher success rates than what can be achieved with traditional software and workflows.

Caroline Svae of SAEV, commented “We are very excited to have completed this investment in Earth Science Analytics. This is a company with an impressive team, and we believe that their technology could transform the way the oil and gas industry predict and model subsurface reservoir properties, including uncertainty and risk assessment”.

Eirik Larsen, CEO of Earth Science Analytics, commented “We have grown organically since the start and our groundbreaking cloud based artificial intelligence software is already in the market. Now we take in extra capital to speed up product development and sales to take advantage of our head start to be the leading global solution provider within artificial intelligence and geoscience. The investment is a significant validator that we are on the right track and we really look forward to working with SAEV”.

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