SAEV invests in Norwegian Artificial Intelligence software provider Earth Science Analytics
Dhahran, Saudi Arabia; Stavanger, Norway. March 8th 2019 – Earth Science Analytics AS, a Norwegian Artificial Intelligence petroleum geoscience software provider, has raised a series A funding from Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of the world’s leading integrated energy and chemicals company, Saudi Aramco.
Earth Science Analytics is spearheading the development of the next generation petroleum geoscience software based on artificial intelligence. The goal with the cloud based software platform, EarthNET, is to enable faster, cheaper and more accurate prediction of rock and fluid properties in the subsurface, and thus allow oil and gas exploration and production to be done with greater profitability and higher success rates than what can be achieved with traditional software and workflows.
Caroline Svae of SAEV, commented “We are very excited to have completed this investment in Earth Science Analytics. This is a company with an impressive team, and we believe that their technology could transform the way the oil and gas industry predict and model subsurface reservoir properties, including uncertainty and risk assessment”.
Eirik Larsen, CEO of Earth Science Analytics, commented “We have grown organically since the start and our groundbreaking cloud based artificial intelligence software is already in the market. Now we take in extra capital to speed up product development and sales to take advantage of our head start to be the leading global solution provider within artificial intelligence and geoscience. The investment is a significant validator that we are on the right track and we really look forward to working with SAEV”.
About Earth Science Analytics
Earth Science Analytics AS is a Norwegian technology company developing the next generation exploration and production technology. Earth Science Analytics aim to improve exploration and production success by providing geoscience-driven data-analytics software, database solutions and workflows. With the artificial Intelligence software platform, EarthNET, petroleum geoscience teams can work more efficiently, with greater precision and at lower cost compared to what can be achieved by applying traditional methods. EarthNET can bridge the gap between large – multidimensional – data sets and data-driven decision making. Awarded subsea company of the year in 2018 by GCE Subsea, Sparebanken Vest and the Norwegian Underwater Technology Foundation.
About Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Saudi Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in start-up and high growth companies with technologies of strategic importance to its parent.
For further information:
Saudi Aramco Energy Ventures
Caroline Svae
Phone: +47 970 08 211
Email: caroline.svae@saev.com
Web: www.saev.com
Earth Science Analytics
Eirik Larsen, CEO
Phone: +47 948 74 234
Email: eirik.larsen@earthanalytics.no
Web: www.earthanalytics.ai