Tachyus, a US-based data optimising technology firm for the oil and gas industries, has raised $6m in series A funding.
The round was led by venture capital firm Founders Fund and also featured Formation 8, a VC firm backed by Asian corporates including electronics conglomerate LG Group. Other investors in the round included Streamlined Ventures and Caffeinated Capital.
Tachyus uses software to measure gas and oil production, ensuring the data collected is utilised to make the process of extraction safer, more efficient and more economically sound.
The investment will be used to hire 30 to 40 employees over the next two and a half years. Tachyus previously raised about $500,000 in debt financing in May 2013.
Scott Nolan, a partner at Founders Fund, told the New York Times: “Tachyus’s work in bringing a new level of operational intelligence to the oil and gas industry represents a huge opportunity on multiple levels.”