Ambyint announces closure of its latest capital round

The round was led by existing investors Mercury and Montrose Lane, plus new investors BDC Capital and Accelerate Fund III. This capital will be focused on accelerating customer growth, increasing energy and tech talent at the company, and optimising product enhancements including expansion of the company’s proven emissions mitigation capabilities.

"We have the wind in our sails and are extremely proud to see this transaction close,” said Benjamin Kemp, CEO of Ambyint. “This investment allows us to double down on the energy market and further our AI-enabled optimisation platform. Validation from our customers, talented employees, and investors is most welcome as we continue to scale.”

Kemp, who has led the company since 2021, also shared, "Given the uncertainty in the venture capital market, attracting new investors like BDC Capital and Accelerate Fund III, who have followed Ambyint’s journey for several years, demonstrates how far we have come and the exciting future ahead of us."

Ambyint is expanding its production optimisation capabilities and is adding sustainability and emissions-related functionality to its platform. This includes the ability to quantify and mitigate both carbon dioxide and methane emissions, contributing to a more sustainable energy industry.

Mercury Managing Director Adrian Fortino, an investor since 2017, said, “We have had the benefit of seeing the Ambyint platform and team develop over the past six years. We believe they are now poised to dramatically expand their industry footprint and improve customer emissions.”

Joseph Regan, Managing Partner from BDC Capital’s Innovation Venture Fund, shared his thoughts on the investment, "Utilising advanced AI, Ambyint is addressing a significant opportunity in upstream oil and gas by increasing production while reducing GHG emissions. They are leading the charge between their impressive technological progress and respected, industry-leading customers. We believe Ambyint’s AI software will be the standard operating procedure in this sector."

Read the article online at: https://www.oilfieldtechnology.com/product-news/16112023/ambyint-announces-closure-of-its-latest-capital-round/