RunTitle announced last week it has closed on $8 million in Series A financing led by the Founders Fund.
The Austin-based startup also received funds from Deep Fork Capital, existing investor Austin Ventures and several individuals.
RunTitle plans to use the funds on engineering, marketing and sales and to expand its dataset of mineral title information. The company makes software that taps into its proprietary database of mineral and drilling rights titles. The process makes it easier for oil and gas companies to find the mineral rights owner on properties in which they want to drill or acquire.
“Oil and gas companies are seeking out ways to maximize efficiency now more than ever. By making land information easily accessible, RunTitle has the potential to eliminate billions of dollars of unnecessary spend,” Geoff Lewis, Partner at Founders Fund, said in a news release.