Quantico Energy Solutions, a US-based company providing data-driven services for shale drilling and completions programs, has raised an undisclosed amount in its series A round from oil major corporate venturing units Shell Technology Ventures and Statoil Technology Invest.
Quantico generates synthetic sonic and density logs with information routinely collected during the drilling of every shale well.
Barry Zhang, co-founder and CEO of Quantico, said: “We look forward to working closely with Shell Technology Ventures and Statoil Technology Invest to leverage data-driven solutions for their shale development programs.”
Geert van de Wouw, managing director at Shell Technology Ventures, added: “The approach being pursued by Quantico – to generate insights from existing data – is promising and fits with the industry’s cost-oriented strategies for developing shale resources.”
Richard Erskine, managing director at Statoil Technology Invest (STI), which provides both equity funding in seed and venture phases and also product development funding through its Loop programme, said: “Quantico has combined expertise in both machine learning and open hole logging to create a complementary solution for traditional horizontal logging methods, with potential to save cost and increase production.”
STI has 20 equity investments and 8 Loop companies and has three exits in the past 12 months.