Novi Labs

Novi Labs has embarked on its next stage of growth with increased funding and proven senior software executive, Scott Sherwood, now at its helm.

The Austin, Texas-based technology startup, founded in 2014, pioneered the industry’s first well planning software platform focused on analyzing the economic returns of unconventional shale wells, according to the company press release.

On May 15, Novi said it closed a Series A funding round with Cottonwood Venture Partners and Bill Wood Ventures, raising a total of $7 million. The funding round follows extensive customer growth and field-testing of Novi’s well planning technology, which enables oil and gas companies to optimize economic returns for new wells using artificial intelligence (AI) and predictive analytics.