Recently, the Norwegian Artificial Intelligence (AI) petroleum geoscience software provider Earth Science Analytics conducted a series A round of financing led by Saudi Aramco Energy Ventures (SAEV), which is the corporate venturing division of the leading integrated chemicals and energy company in the world, Saudi Aramco.
Currently, Earth Science Analytics is at the forefront of developing the next generation of petroleum geoscience AI software.
The company intends to use EarthNET, a cloud-based software platform, to promote cheaper, faster and more precise predictions of fluid and rock properties in the subsurface.
In turn, this process will enable gas and oil exploration and production to be carried out not only with better profitability but also greater success rates as opposed to what can be attained with traditional workflows and software.
Caroline Svae of Saudi Aramco Energy Ventures (SAEV0, 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, the chief executive officer 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”.
Earth Science Analytics AS is a technology company based in Norway that is involved in coming up with the next generation production and exploration technology.
The company is focused on improving production and exploration success through offering geosciences-powered data-analytics software, workflows and database solutions.
Earth Science Analytics has vast experience in machine learning, computer science, geoscience, and artificial intelligence, which the company uses to come up with services and technology for the oil and gas space.
Saudi Aramco Energy Ventures LLC (SAEV) is the cooperate venturing entity of Saudi Aramco, the leading fully combined petrochemical and energy business across the globe.
Aside from having its headquarters in Dhahran, the subsidiary has offices around the world in places such as Asia, Europe, and North America.
The aim of Saudi Aramco Energy Ventures is to invest across the globe in high growth companies and startups with technologies that have a strategic significance to the parent company, Saudi Aramco.
The Saudi Aramco Energy invests in both downstream and upstream gas and oil, water sectors, energy efficiency, renewable, and petrochemicals.
The aim of the company is to deploy technologies that improve the discovery and management of reserves, boost primary energy generation, bolster operational efficiency, enhance value capture in downstream processing as well as support the optimization of water consumption and Kingdom energy.
Armed with a mission of being a strategic investor, SAEV currently supports portfolio entities in gaining access to the Saudi Arabian market.