Venture-backed oil and gas IoT and artificial intelligence platform Validere has raised $7 million in seed funding to transform oil and gas trading and logistics through reliable data and Artificial Intelligence (AI) insights.
Currently, as the company puts it, oil and gas companies use unreliable product quality data to make critical operational decisions and to address this problem, Validere is using IoT technologies to improve confidence in product quality and AI predictive insights to guide optimal blending, logistics, and trading decisions.
This optimisation helps oil and gas companies get up to $9 more out of a barrel, the company claims.
Validere's funding announcement comes on the heels of a breakthrough year. The company successfully completed IoT and AI platform deployments with large Canadian oil and gas clients and recently expanded into the US market by opening a Houston office. Recently it was also named one of Canada's top 20 most innovative tech companies by The Canadian Innovation Exchange.
According to the new market research report "Oil & Gas Sensors Market by Type (Pressure, Level, Flow, Temperature), Connectivity (Wired, Wireless), Application (Remote Monitoring, Condition Monitoring, Analysis), Sector (Upstream, Midstream, Downstream), and Region-Global Forecast to 2023", the Oil & Gas Sensors Market is expected to grow from $7.4 billion in 2018 to $9.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period. The major factors driving the Oil & Gas Sensors Market include growing IoT in the oil & gas industry. IoT in the oil and gas industry helps in improving operational efficiency, revenue, real-time data, and decreasing safety risk, and environmental footprint.
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.