Quantum Energy Partners and Global Reserve Group have led an $11 million equity financing to support the growth of Houston-based oil and gas software company Datagration Solutions Inc.
Through the combination of advanced artificial-intelligence/machine-learing analytics, Datagration focuses on providing oil and gas organizations with enhanced decision-making opportunities to maximize value creation. The company currently delivers PetroVisor™, an open architecture software platform that improves the profitability of upstream operators by aggregating and integrating data from disparate systems into one cloud-based (or on-premise) platform with built-in workflow solutions to complete real-time analytics.
“The next step change innovation for the oil and gas sector is to properly harness the power of data,” Quantum Founder and CEO Wil VanLoh said adding that Datagration’s PetroVisor platform, in particular, will help upstream companies realize this potential.
The financing marks the sixth energy technology venture capital investment that Global Reserve Group has made in partnership with Quantum, according to Jeffrey Harris, who founded Global Reserve Group in 2012 following a 29-year career at Warburg Pincus.
In a statement, Harris said he was drawn to Datagration by the strength of its management team and the quality of PetroVisor, “as we saw it as a tremendously easy to implement solution for E&P companies that could meaningfully and quickly enhance their operational results and cash flow.”
Energy company software industry veterans Peter Bernard, Jorge Machnizh and Ike Epley lead Datagration’s founding senior management team. The company was formerly named Oilsphere Inc.
Bernard, who serves as Datagration Executive Chairman, said the PetroVisor platform increases returns out of legacy brownfield and greenfield reservoirs, and gives engineers more time to make engineering decisions that will improve profitability.
Datagration will use a portion of its new funding from Quantum and Global Reserve Group to build upon the PetroVisor platform by adding value-enhancing workflow automation solutions for upstream operators, according to a company release.
“PetroVisor has already delivered game-changing financial results for many E&P companies and is ready to scale globally,” Bernard said in a statement.
Datagration is a member of the Microsoft “One Commercial Partner Program” and is currently in many worldwide co-sell opportunities with Microsoft Energy. The company is also in Amazon’s AWS Partner Network.
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