Tachyus, a provider of data-driven production optimisation software to the oil and gas industry, has announced it has closed a Series B funding round led by Cottonwood Venture Partners (CVP), a growth equity firm that partners with technology companies to provide digital solutions for the energy industry.
Tachyus is a specialist in optimising fields under secondary and tertiary recovery, including water and steam flooding. Founded in Silicon Valley with deep oilfield experience, Tachyus has grown beyond North America with customers in Argentina, Europe, and Asia. Tachyus’ cloud-hosted software is powered by data physics, a unique blend of artificial intelligence and physics that quickly and accurately predicts the reservoir’s response to changes in stimulation.
“In this economic environment, oil and gas operators need disruptive tools to optimise their fields,” Tachyus’ Chief Executive Officer and Co-Founder, Paul Orland said. “This investment allows us to reach more customers and accelerate the delivery of new technology that improves our clients’ business performance.”
As a portfolio company of CVP, Tachyus joins other leaders in the energy technology space.
Read the article online at: https://www.oilfieldtechnology.com/digital-oilfield/20052019/tachyus-raises-us15-million-series-b-financing-to-expand-global-oil-and-gas-artificial-intelligence-platform/