Seismos, a data analytics company for the oil and gas production, has received $4 million in funding.
The Austin-based company plans to use the funds on marketing and engineering.
Javelin Venture Partners led the funding round with participation from Osage University Partners and other oil and gas technology-focused investors. As a result of the deal, Noah Doyle, Javelin Venture Partners general partner, has joined the Seismos board of directors.
Seismos creates technology that is able to help oil and gas companies track and recovery Carbon Dioxide during oil well production.
“The intersection of innovative approaches and large business problems, led by inspiring, committed teams is exactly what we love to get behind,” Noah Doyle, general partner of Javelin Venture Partners, said in a news release.
Seismos uses a system of sensors and data collection devices and uploads that information to cloud-based databases that then crunches the data and produces maps of CO2 movement over time. With this information, oil field operators can save more time and money.
“We are entering a new era for the oil and gas industry where technology driven solutions, particularly via real-time, field deployed data acquisition and analytics systems, will dramatically reduce the cost of production for our entire industry,” Panos Adamopoulos, Seismos founder and CEO, said in a news statement.
Seismos, founded in 2012, also has an office in Houston.