Ambyint, a US-based oil production technology developer backed by industrial product maker General Electric and oil and gas producer Equinor, has received $15m in series B funding.
The round was led by investment firm Cottonwood Venture Partners and included venture capital firm Mercury Fund in addition to Ambyint’s management team. It has now raised $26.5m in total.
Founded in 2004, Ambyint provides artificial intelligence-equipped software that automates processes bolstering production from oil and gas wells, specifically through artificial lift, the process where oil is coaxed to surface by applying additional pressure to underground reservoirs.
Ambyint will spend the series B proceeds on product development and recruitment across offices in the US and Canada.
General Electric subsidiary GE Ventures and Equinor Technology Ventures, the Equinor unit then known as Statoil Technology Invest, both contributed to Ambyint’s $11.5m series A round in 2017, which was led by Mercury Fund and also backed by Cottonwood Venture Partners.