WellAware, an oil and gas industry analytics and data startup, this week announced it has received $16 million more in financing.
The San Antonio-based startup reported the Series B1 financing was led by Mitsui & Co. and Genscape. It plans to use the money to expand its operations and for research and development on its oilfield analytics products.
“This capital further validates of our full-stack solution, which is bringing a new level of automation and efficiency to American oilfields at a time when spending smarter is critical to remaining competitive,” Matt Harrison, WellAware president and chief executive officer, said in a news release.
WellAware previously received $45 million from Activant Capital Group and Carlos Slim, a Mexican telecommunications entrepreneur, Ed Whitacre Jr., formerly with AT&T and General Motors and former U.S. Vice President Dick Cheney.
WellAware’s software and hardware gives oil companies information on how much a well is producing in real time data from the field.