The Oklahoman – Despite a bearish energy market, oil and gas technology startup Oseberg said Tuesday it has closed on a $10 million investment round.
Oseberg, which has offices in Oklahoma City and New Orleans, also announced a new product called Sól, a Web-based research tool that improves access to oil and gas industry data.
“This raise, particularly against the backdrop of sustained low oil prices, highlights the value of Oseberg’s approach to oil and gas technology,” said Evan Anderson, Oseberg’s CEO.
Oseberg compiles and maintains several energy data sets that it offers through desktop applications and online products. Much of the information is “trapped” in public documents, which Oseberg converts to databases and digital maps. The company, whose products currently cover the Oklahoma and Texas markets, said the investment will allow it to expand its product line and geographic reach.
“We’re turning it up a notch in this environment,” Anderson said. “Building software and datasets is what we excel at, and it’s exciting to increase our ability to help our oil and gas clients thrive in this downturn.”
Beau Babst, product manager at Oseberg, said the company’s Atla and Sól products are helping oil and gas clients be more efficient.
“The greatest advantage you can have in oil and gas is better data,” Babst said. “More timely, more accurate, richer data — that’s what Sól and Atla offer. The team and tools we’ve built continually process immense amounts of oil and gas data and then present it to clients in usable, unified products, all so they can make decisions quickly and easily.”