Startup MGZN

Saudi Aramco invests in a software that will increase the success rates of oil and gas exploration

Earth Science Analytics, a Norwegian Artificial Intelligence petroleum geoscience software provider raises a Series A funding from Saudi Aramco Ventures (SAEV), the corporate venturing subsidiary of the Saudi Aramco.

With its cloud-based software platform, EarthNet, the software provider aims to enable a faster, cheaper and more accurate prediction of rock and fluid properties in the subsurface. This, in turn, will speed the process and increase the profitability and success rates of oil and gas exploration.

Eirik Larsen, CEO of Earth Science Analytics, talks about the investment in their software saying: “We have grown organically since the start and our groundbreaking cloud-based artificial intelligence software is already in the market. Now we take in extra capital to speed up product development and sales to take advantage of our head start to be the leading global solution provider within artificial intelligence and geoscience. The investment is a significant validator that we are on the right track and we really look forward to working with SAEV”.

Caroline Svae of SAEV, commented on the investment saying: “We are very excited to have completed this investment in Earth Science Analytics. This is a company with an impressive team, and we believe that their technology could transform the way the oil and gas industry predict and model subsurface reservoir properties, including uncertainty and risk assessment”.

In case you’re wondering, Earth Science Analytics AS is a Norwegian technology company developing the next generation exploration and production technology. Earth Science Analytics aim to improve exploration and production success by providing geoscience-driven data-analytics software, database solutions and workflows.

Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Saudi Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in start-up and high growth companies with technologies of strategic importance to its parent.

Ina Krasteva

Startup MGZN