RunTitle, an oil and gas data startup, closed $8 million in Series A financing led by Founders Fund, the company said Oct. 2. Joining in the fundraiser were Aubrey McClendon's Deep Fork Capital, existing investor Austin Ventures and several individuals.
"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," said Geoff Lewis, partner at Founders Fund.
Mineral title data -- the record of who owns the mineral/drilling rights beneath the earth -- is required each time an oil and gas company wants to drill a well or make an acquisition. Before RunTitle was formed, an oil and gas professional had to conduct up to months of research via paper documents and books in county courthouses to determine who owns the mineral rights to any parcel of land. RunTitle's proprietary database of title data enables oil and gas companies to make faster, more precise acquisition and divestiture decisions.
RunTitle will use the proceeds to accelerate hiring on its engineering, sales, and marketing teams and to continue growing its proprietary dataset of mineral title information.
RunTitle is based in Austin, Texas.
Craig Pierrotti, CAM’s CEO, was executive vice president for CH2M’s oil, gas and chemicals. Mitch Stamper was a facilities engineering manager for East Texas and North Louisiana at Anadarko Petroleum.
Warwick Oil & Gas Inc. (Texas corporation), Warwick Oil & Gas Inc. (Oklahoma corporation) and Reserve Royalty Corp. have oil and gas interests across Texas, Arkansas and Louisiana.
Carlyle's Energy Mezzanine Opportunities Fund LP and Carlyle Energy Mezzanine Opportunities Fund II, LP will invest up to $1.24 billion in the newly formed partnership, Reuters reported.