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Home Energy Oil and Gas AIStartup Maana raises $28m

Oil and Gas AIStartup Maana raises $28m

Maana is a machine learning startup that was founded back in 2012. To date the company has raised $68 million so far.

That includes the latest $28 million investment secured just from a conglomeration of big companies such as China International Capital Corporation (CICC), Chevron, and Accenture. Existing investors include Intel Capital, Shell Technology Ventures, and GE Ventures.

To help companies with their data analysis, Maana has developed artificial intelligence (AI) based digital knowledge technology that speeds up this process considerably.

Some of the AI startup’s current customers include Saudi Aramco, GE, Shell, Maersk, and Chevron. All of which use the AI to make crucial business decisions. Accenture uses Maana’s services to help its many oil and gas clients switch over to digital services.

“The latest investment will be used to scale our business globally and support our growing Fortune Global 500 customer base,” said Maana CEO and co-founder Babur Ozden.

READ MORE: 10 Applications of Machine Learning in Oil & Gas

“This funding combined with the strategic alliance Maana has established with Accenture, demonstrates the demand for Maana’s cutting edge AI-driven knowledge technology as a key enabler of digital transformation at the world’s largest industrial companies.”

Both Maana and Accenture will benefit from the alliance. Accenture can extend its various intelligent industry solutions including Digital Plant Operations and Intelligent Operations Center through the help of Maana. While Maana, on the other hand, obviously gains a very loyal customer in the process.

Accenture is a Fortune 500 global management consulting firm that was founded back in 1989. With its headquarters based in Dublin, Ireland the company provides various digital, operations, and technology services to other companies across the globe. It employees around 425,000 staff to serve clients in 200 cities across 120 countries worldwide.

“Knowledge-based decision-support platforms are of great interest to many of our oil and gas clients and teaming partners, some of whom are already using Maana’s solutions,” said Andrew Smart, Accenture energy practice global managing director. “We will collaborate with Maana and scale these solutions to help clients take advantage of digital knowledge for operational optimization.”

Qing (Tracy) Gao is CICC managing director and vice chairman of CICC Capital Overseas. “We believe the Maana Knowledge Platform has the potential to become the essential digital knowledge layer of the world’s industrial data and deliver significant business value to industrial companies.

Source DrillingandProduction

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KC Cheung
KC Cheung has over 18 years experience in the technology industry including media, payments, and software and has a keen interest in artificial intelligence, machine learning, deep learning, neural networks and its applications in business. Over the years he has worked with some of the leading technology companies, building and growing dynamic teams in a fast moving international environment.
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