Company: Accend (fka drillMap)
Financing Round to accelerate adoption of its data analytics solution for the energy industry
HOUSTON, TEXAS, August 6, 2013 — drillMap, Inc., the industry’s premier platform for the aggregation, visualization and analysis of energy data, announced today that it has closed a $6.5M Series A round of funding. The round was led by RockPort Capital and includes Ridgewood Capital and ConocoPhillips (NYSE: COP). drillMap will use the funding to expand its data and analytics offering and to support the rapid adoption of drillMap’s platform by its growing customer base.
The boom in unconventional exploration and production has transformed the energy landscape in North America. Companies in the energy industry operate in a highly competitive and dynamic market where rapid analysis and decision-making are critical to success. drillMap delivers a web-based business intelligence platform that includes a comprehensive onshore North American database, integrated geospatial visualization, and insightful reporting tools. Its data analytics application accelerates workflows and critical decision support processes for E&P operators and oilfield service companies, resulting in faster, smarter, safer exploration, production and distribution of global resources.
“The shale boom has transformed the energy industry and current workflows and legacy solutions are unable to support the pace at which decisions are being made,” said CEO Jitesh Chanchani. “drillMap has shown that customers can proactively track onshore exploration and production activity, optimize the deployment of their assets, and make better business decisions. With this funding, we can accelerate the adoption of our innovative solution.”
Since commercialization in February 2013, more than 70 customers have already adopted drillMap’s premier data analytics platform, including some of the biggest oil and gas and service companies in the upstream energy industry.
“We are very excited about this investment,” said Dhiraj Malkani, Partner at RockPort Capital. “As the United States is on a path to become the global leader in energy production, the energy and natural resources industry is in need for innovative information intelligence solutions. RockPort believes that drillMap’s technology will bring a new dimension to this industry and we look forward to working with this talented team to further expand its product offering and market presence.”
drillMap is the industry’s premier application for aggregation, visualization, and analysis of energy data. Its business intelligence platform enables E&P operators and oilfield service companies to combine external and internal datasets via powerful mapping and reporting tools, to help them make faster and more informed decisions about their business. Customers use the drillMap application to monitor E&P activity, optimize their assets, and develop new business opportunities across the upstream and midstream segments of the onshore energy business. The company is headquartered in Austin, Texas. For more information please visit www.drillmap.com
About RockPort Capital
RockPort Capital is a multi-stage venture capital firm that invests in the areas of alternative and traditional energy, mobility, and sustainability. For more than a decade RockPort has partnered with entrepreneurs to foster growth and create value in a broad range of industrial and consumer facing companies whose technologies and products provide innovative solutions to significant worldwide markets. RockPort has a collaborative approach to investing, deep domain expertise, and insights into all aspects of energy and cleantech. With offices in Boston and Menlo Park, RockPort is globally recognized as being among the largest and most established energy-focused venture capital firms. For more information visit www.rockportcap.com. Follow us on Twitter at @RockPortCapital
About Ridgewood Capital
Ridgewood Capital is part of The Ridgewood Companies, a leading private equity firm with offices in Ridgewood, NJ and Houston, TX. For over 30 years, the Ridgewood Companies have sponsored investment programs that have raised over $2.7 billion for investments in oil & gas exploration and production, renewable electric power generation and infrastructure projects, information technology and energy technologies. Ridgewood Capital makes investments in high-growth companies focused on software, wireless, semiconductors, and energy technologies. Ridgewood Capital utilizes its multi-disciplined resources across all of The Ridgewood Companies’ businesses to support its investments.
ConocoPhillips is the world’s largest independent E&P Company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 30 countries, $57 billion in annualized revenue, $118 billion of total assets, and approximately 17,100 employees as of March 31, 2013. Production from continuing operations averaged 1,555 MBOED for the three months ended March 31, 2013, and proved reserves were 8.6 billion BOE as of Dec. 31, 2012. For more information, go to www.conocophillips.com.
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