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.
2022-12-01 - Exxon Mobil and Mitsubshi Heavy Industries announced the combination of carbon capture technologies.
2022-12-01 - A first mover in CCUS, Verde CO₂ Chairman and CEO Charles Fridge told Hart Energy how his company laid the foundation for success, assembling an experienced team and picking the best sites to capitalize on Gulf Coast geology for its sequestration plans.
2022-12-01 - Civitas Resources in the D-J Basin is aligning executive compensation with stakeholders, meeting emissions reduction targets and is on target to generate $1 billion in annual free cash flow this year. And inside its C-suite, a millennial woman from Colombia is showing everyone how it’s done.
2022-12-01 - Today's featured Forty Under 40 honoree is Jeremy Gottlieb, co-founder and president of Houston's ComboCurve.
2022-11-30 - The Pennsylvania attorney general charged Coterra Energy in 2020 after a grand jury investigation showed that drilling unconventional gas wells by the company had been responsible for methane pollution in the local water supply.