DrillMap, a US-based platform for oil and gas mapping and data analysis, has closed a $6.5m series A round of funding led by multi-stage venture capital firm RockPort Capital and including private equity firm Ridgewood Capital and energy exploration and production company ConocoPhillips.
DrillMap will use the funding to expand its data and analytics offering and to support the adoption of DrillMap’s platform by cusomers.
Jitesh Chanchani, chief executive officer of DrillMap, said: “The shale boom has transformed the energy industry and current workflows and legacy solutions are unable to support the pace at which decisions are being made. DrillMap has shown that customers can proactively track onshore exploration and production activity, optimize the deployment of their assets, and make better business decisions. With this funding, we can accelerate the adoption of our innovative solution.”
Dhiraj Malkani, partner at RockPort Capital, said: “As the United States is on a path to become the global leader in energy production, the energy and natural resources industry is in need for innovative information intelligence solutions. RockPort believes that drillMap’s technology will bring a new dimension to this industry and we look forward to working with this talented team to further expand its product offering and market presence.”
DrillMap was commercialized in February 2013.