US-based oilfield monitoring technology provider WellAware secured $16m in series B-1 funding on Tuesday co-led by data analytics company Genscape and Mitsui & Co USA, a subsidiary of conglomerate Mitsui.
Founded in 2013, WellAware’s technology facilitates data collection, analytics and remote monitoring of oilfields, offering an insight into labour and equipment efficiency while ensuring regulatory and safety compliance.
WellAware will use the cash to support expansion and continued development of its technology.
The company closed a $37m series B round in July 2014 co-led by venture capital firm Activant Capital and Carlos Slim, the chief executive of mobile network operator America Movil.
Board members Ed Whitacre Jr, former chairman and chief executive of mobile phone network carrier AT&T, and Dick Cheney, former US vice president, also contributed to the series B round.
WellAware raised $8m in series A funding in 2013, primarily from unnamed Texas oil investors, though the company has not disclosed further details.
Matt Harrison, president and CEO of WellAware, said: “We are excited to have globally recognised strategic partners Mitsui and Genscape as part of our respected group of investors.
“This capital further validates of our full-stack solution, which is bringing a new level of automation and efficiency to American oilfields at a time when spending smarter is critical to remaining competitive.”