Andium Inc., an expert in Industrial Internet of Things (IIOT) remote-field monitoring and communications technologies, has closed a $15 million Series A investment round led by OGCI Climate Investments on April 8. Existing Andium investors Tom Miglis, former chief information officer of Citadel, and Talis Capital, also participated in the round.
The new financing round will continue to drive product growth and innovation, support strategic investment in talent, and enable Andium to accelerate the deployment of its proprietary Video Solutions product lines for flare monitoring, tank telemetry, and object detection.
Using a revolutionary end-to-end operating system, Andium’s monitoring products provide oil and gas companies with verifiable, real-time information from remote locations at a fraction of the cost of other solutions. Turning monitoring, especially of flares, into an automated, digital process is a game changer for emission reductions and the achievement of environmental, social and governance goals (ESG).
“We believe that visibility is paramount in change leadership and operational excellence, and our remote monitoring technologies are specifically designed to offer companies an expedited path to achieve their sustainability goals,” Jory Schwach, CEO of Andium, said. “We are pleased to welcome OGCI CI as a new investor and advisor as we continue helping companies decarbonize through digitalization.”
Andium’s flexible and reliable products are available at a fraction of the cost of other solutions, lowering the barrier of entry for operators and creating strong returns on investment through operational efficiency. These characteristics fit perfectly with the increasing demand from energy customers for access to real-time information across remote locations.
“The transparency created by monitoring and measuring methane is essential to reducing emissions,” Pratima Rangarajan, CEO of OGCI Climate Investments, said. “Andium’s low-cost innovative solution lowers the barrier for operators of all sizes to adopt and implement best practices and we are pleased to support their growth.”
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Drilled by the Maersk Voyager drillship on the Akoma exploration prospect, the well proved up to an estimated 650 billion cubic feet of gas and up to 20 million barrels of condensate, the company said in a news release.
Aker Energy, as the operator of the Deepwater Tano Cape Three Points (DWT/CTP) Block, announced Jan. 10 that it is about to complete a successful drilling operation of the Pecan-4A appraisal well offshore Ghana.