WellAware, an oilfield analytics startup in San Antonio, received another $37 million in funding.
Billionaire Carlos Slim, Ed Whitacre Jr., former CEO of AT&T and General Motors and former vice president Dick Cheney led the investment.
The company plans to use the money to further develop its software for oilfield data collection, storage, visualization, mobility and predictive analytics.
“The oil and gas industry is predicted to spend over $33 billion by 2022 on oilfield intelligence solutions to address key industry challenges such as managing labor shortages, maintaining license to operate, reducing capital expenditure, and increasing efficiency and production,” according to a news release. “Current oilfield intelligence solutions are expensive, dependent on communication technologies that can be antiquated and may soon be retired, and often include a software interface that can be difficult to use and are limited with regard to interoperability and scale.”
WellAware’s product provides a remote monitoring and production management platform that is reliable, less expensive and provides for data visualization and predictive analytics.