Riyadh – Mubasher: Saudi Aramco Energy Ventures (SAEV) has given a series A funding to Norwegian artificial intelligence (AI) petroleum startup Earth Science Analytics.
SAEV is the corporate venture unit of Saudi Aramco.
Earth Science Analytics, which specialises in petroleum geoscience software using AI, is currently leading the development of next generation petroleum geoscience software, according to Tech Observer, which explains that the cloud-based software platform EarthNET seeks to enable faster, cheaper, and more accurate prediction of rock and fluid properties in the subsurface.
This would allow the exploration and production of oil and gas to be carried out with better profitability and success rates compared to what is currently achieved using traditional software and workflows.
Commenting on the investment, SAEV’s Caroline Svae said that her firm was excited with the investment in Earth Science Analytics, indicating that SAEV believes that “their technology could transform the way the oil and gas industry predict and model subsurface reservoir properties, including uncertainty and risk assessment.”
Meanwhile, Earth Science Analytics’ CEO Eirik Larsen revealed that his company has grown “organically” since its launch, indicating that its “groundbreaking” cloud-based AI intelligence software was “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,” Larsen concluded.
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