A Toronto startup that is known for bringing Internet of Things and artificial intelligence to the oil and gas industry recently made headlines after closing a seed financing round of $7 million.
The firms intend to expand its reach in both Canada and the US.
The new financing round propels Validere Technologies Inc ’s financing to over $10 million so far.
Started back in 2015 in Harvard, the company is behind the creation of an artificial intelligence and IoT platform designed to help leverage both analytics and data in creating additional transparency in the oil and gas industry.
“More than $2 trillion worth of crude oil is traded annually. As oil constantly changes hands, batches mix together irreversibly changing the product’s quality. The industry largely bases important operational decisions on poor quality data,” explained Ian Burgess, Validere’s chief technology officer, and co-founder in a recent press release.
According to the press release, Validere intends to assist in solving this problem through utilizing IoT in making product quality more reliable not only by automating and consolidating data onto one platform.
It also utilizes AI to generate predictive insights that “guide optimal blending [of oil barrels], logistics, and trading decisions.”
The startup was developed at Harvard by Burgess who cleared his applied physics PhD at the university.
He also holds a bachelor in both math and physics from the University of Waterloo. His Co-founder Nouman Ahmad worked previously for Apexa, a Toronto-based fintech startup.
Since its establishment, Validere Technologies has graduated from California-based Y-Combinator and Toronto-based Creative Destruction Labs. Initially, it rolled out its platform in 2016 in Canada and is currently based in Toronto with various offices in Calgary and Houston.
Early this year, the Canadian Innovation Exchange named Validere among the leading innovative technology startups in Canada.
According to the recent press release, the new financing announcement brings another achievement onto an already successful year for the company.
The round was backed by various investors including ZhenFund, Moment Ventures, Real Ventures, Y Combinator and Sallyport Investments.