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

Changing Scene

  • Gescan Announces Darrell Jensen as New Humboldt Branch Manager

    Gescan Announces Darrell Jensen as New Humboldt Branch Manager

    Gescan is thrilled to welcome Darrell Jensen to the team as their new Humboldt Branch Manager! Darrell brings over 25 years of experience in single-family and multi-family construction, business growth and development across Western Canada. His commitment to people, safety and service excellence aligns strongly with Gescan’s values and we are so excited to have… Read More…

  • ECS Electrical Cable Supply Announces Justine Geboers as New Branch Manager in Richmond, B.C

    ECS Electrical Cable Supply Announces Justine Geboers as New Branch Manager in Richmond, B.C

    Please join ECS Electrical Cable Supply in welcoming Justine Geboers to the team! As the new Branch Manager in Richmond, B.C., Justine brings more than 20 years of leadership experience across the electrical and industrial sectors. Known for her strong leadership and dedication to excellence, she’ll be overseeing daily sales, operations, and team performance. ECS… 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

  • PULS: MCB vs eFuse – Which Is the Best Solution for Properly Securing DC Circuits?

    PULS: MCB vs eFuse – Which Is the Best Solution for Properly Securing DC Circuits?

    In times of unregulated transformer power supplies, traditional miniature circuit breakers (MCB) have established themselves as the main protection modules. However, when primarily switched-mode power supplies were introduced in the 1990s, they quickly replaced transformer power supplies in industrial applications. The new technology enabled more efficient and compact power supplies that better met the increased… Read More…

  • Streamline Control Cabinet Design with WSCAD ELECTRIX

    Streamline Control Cabinet Design with WSCAD ELECTRIX

    Creating intricate control cabinets can be a breeze with WSCAD ELECTRIX. The more meticulous your designing gets, the smoother and less error-prone the entire production process becomes. WSCAD ELECTRIX goes beyond with its Cabinet Expert module. This module unlocks the full potential of control cabinet engineering and empowers you to automate tasks, saving you valuable… Read More…