Validere raises $7M in funding to bring IOT and artificial intelligence to Oil & Gas

November 22, 2018

Validere, a venture-backed oil and gas IoT and artificial intelligence platform has raised $7 million in seed funding to transform oil and gas trading and logistics through reliable data and Artificial Intelligence (AI) insights. The round included lead investor, Sallyport Investments, alongside Y Combinator, Real Ventures, Moment Ventures, and ZhenFund . The new round of funding will fuel Validere’s US expansion and further the development of Validere’s new AI-powered blending, logistics, and trading optimization platform.

Oil and gas companies currently use unreliable product quality data to make critical operational decisions. To address this problem, Validere is using Internet of Things (IoT) to radically improve confidence in product quality and AI predictive insights to guide optimal blending, logistics, and trading decisions. This optimization helps oil and gas companies get up to $9 more out of a barrel.

“More than $2T 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. Our platform not only informs product quality reliably and in real time, but it also uses AI to help oil and gas companies optimize product movement,” said Ian Burgess, Validere’s co-founder and CTO.

Doug Foshee, former CEO of El Paso Corporation and current owner of Sallyport Investments, add that “quality analytics represents a massive opportunity to push the industry forward. Validere’s strong cross-functional team, proprietary AI platform, and deep understanding of the industry uniquely positions them to add tremendous value to midstream and upstream businesses.”

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. Validere was also recently named one of Canada’s top 20 most innovative tech companies by CIX (The Canadian Innovation Exchange).

Related Articles

Moxa Helps Customers Shore Up Industrial Cybersecurity to Get Back to the New Normal

Moxa Helps Customers Shore Up Industrial Cybersecurity to Get Back to the New Normal

Moxa Inc., a provisioner of industrial communications and networking, has recently introduced its new industrial cybersecurity solution, EtherCatch IEC-G102-BP Series IPS, EtherFire IEF-G9010 Series next-generation firewall, and Security Dashboard Console security management software. This solution will shore up network defense for critical manufacturing and infrastructure, empowering business owners to get back to the new normal, quickly and safely.

 

 

 

Weidmüller Canada Unveils Enhanced Operations at its Canadian Headquarters

Weidmüller Canada Unveils Enhanced Operations at its Canadian Headquarters

 

On September 17, 2019 Weidmüller Canada held a re-opening ceremony at its Canadian facility in Markham, Ontario. The location is home to Weidmüller Canada’s administrative staff, customer service representatives, technical support group, inside sales and a complete product warehouse and distribution centre for Canada. Weidmüller was initially founded in 1975 in Germany and has been in operation in Canada since 1986.

 

Changing Scene

  • Wesco Opens State-of-the-Art Facility in Eastern Canada to Support Influx of Megaprojects in the Region

    Wesco Opens State-of-the-Art Facility in Eastern Canada to Support Influx of Megaprojects in the Region

    Wesco International has recently announced the grand opening of a new state-of-the-art facility on Higney Avenue in Dartmouth, Nova Scotia, Canada, making this the largest facility of any distributor in the Atlantic region. The new building, facilitated by Touchette Real Estate, a division of Groupe Touchette, will feature Wesco’s comprehensive suite of services and solutions including… Read More…

  • PataBid Nominated for Canadian Choice Award in Software Services

    PataBid Nominated for Canadian Choice Award in Software Services

    PataBid is proud to announce its nomination for a Canadian Choice Award in the Software Services category. This recognition highlights PataBid’s commitment to supporting the electrical contracting community across Canada by providing innovative estimating software solutions that streamline estimating processes and ensure predictable and profitable projects. Read More…

Sponsored Content
The Easy Way to the Industrial IoT

The way to the Industrial IoT does not have to be complicated. Whether access to valuable data is required or new, data-driven services are to be generated, Weidmuller enables its customers to go from data to value the easy way. Weidmuller’s comprehensive and cutting-edge IIoT portfolio applies to greenfield and brownfield applications. Weidmuller offers components and solutions from data acquisition, data pre-processing, data communication and data analysis.

Visit Weidmuller’s Industrial IoT Portfolio.

ADVANCED Motion Controls Takes Servo Drives to New Heights (and Depths) with FlexPro Extended Environment Product Line

Advanced Motion Controls is proud to announce the addition of six new CANopen servo drives with Extended Environment capabilities to their FlexPro line. These new drives join AMC’s existing EtherCAT Extended Environment FlexPro drives, making the FlexPro line the go-to solution for motion control applications in harsh environments.

Many motion control applications take place in conditions that are less than ideal, such as extreme temperatures, high and low pressures, shocks and vibrations, and contamination. Electronics, including servo drives, can malfunction or sustain permanent damage in these conditions.

Read More

Service Wire Co. Announces New Titles for Key Executives

Bruce Kesler and Mark Gatewood have been given new titles and responsibilities for Service Wire Co.

Bruce Kesler has assumed the role of Senior Director – Business Development. Bruce will be responsible for Service Wire’s largest strategic accounts and our growing Strategic Accounts Team.

Mark Gatewood has been promoted to the role of Vice President – Sales & Marketing. In this role, Gatewood will lead the efforts of Service Wire Company’s entire sales and marketing organization in all market verticals.

Read More

Tri-Mach Announces the Purchase of an Additional 45,000 sq ft. Facility

Tri-Mach Elmira Facility

Recently, Tri-Mach Inc. was thrilled to announce the addition of a new 45,000 sq ft. facility. Located at 285 Union St., Elmira, ON, this facility expands Tri-Mach’s capabilities, allowing them to better serve the growing needs of their customers.

Positioning for growth, this additional facility will allow Tri-Mach to continue taking on large-scale projects, enhance product performance testing, and provide equipment storage for their customers. The building will also be the new home to their Skilled Trades Centre of Excellence.

Read More

JMP Parent Company, CONVERGIX Acquires AGR Automation, Expanding Global Reach

Convergix Automation Solutions has completed the acquisition of AGR Automation (“AGR”), a UK-based provider of custom, high-performance automation design and systems integration primarily to the life sciences industry.

Following Convergix’s acquisitions of JMP Solutions in August 2021 and Classic Design in February 2022, AGR marks the third investment in Crestview’s strategy to build Convergix into a diversified automation solutions provider targeting the global $500+ billion market, with a particular focus on the $70 billion global systems integration and connectivity segments. Financial terms of the transaction were not disclosed.

Read More

Latest Articles

  • How Advanced X-Ray and AI Inspection Technologies Optimize Quality Control and Reduce Costs in SMT Manufacturing

    How Advanced X-Ray and AI Inspection Technologies Optimize Quality Control and Reduce Costs in SMT Manufacturing

    Explore how Omron’s latest X-Ray machines and AI-driven solutions are setting new standards in manufacturing efficiency and quality control. The manufacturing landscape is swiftly evolving, and Omron is at the forefront with its innovative PCB inspection machines. These systems offer profound insights into SMT production process, enhanced quality control, and can significantly reduce labor costs. Advancements… Read More…

  • KUKA Establishes New Software and Digital Business Segment

    KUKA Establishes New Software and Digital Business Segment

    Software is playing an increasingly important role in mechanical engineering. What used to be mostly solved mechanically is now done by electronics and the associated software. “With KUKA Digital, we are expanding our offering in order to position ourselves broadly for a market with strong growth potential. Our customers need products, solutions and consulting approaches to digitalize… Read More…