Osprey Informatics, a Calgary-based provider of intelligent visual monitoring solutions for industrial operations, has raised $3.75 million in financing.
The round was led by Shell Ventures, the investment arm of Royal Dutch Shell plc, and Evok Innovations, a partnership of BC Cleantech CEO Alliance, Cenovus Energy Inc and Suncor Energy Inc.
They were joined by InterGen Capital and existing investors. In 2015, Osprey closed a $1.2 million Series A led by Anzu Partners.
Founded in 2011, Osprey’s platform, Osprey Reach, is used by more than 30 North American energy companies to manage field operations, assets and facilities.
The funds raised will be used for sales growth and to market new artificial intelligence-enabled solutions, including methane detection.
CALGARY, CANADA – Osprey Informatics (“Osprey”), a provider of intelligent visual monitoring solutions for industrial operations, today announced that it has closed a $3.75 Million CAD investment round led by Shell Ventures LLC and Evok Innovations, with participation from InterGen Capital and current shareholders. The investment will be used to drive sales expansion and to bring to market additional artificial intelligence-enabled solutions, including methane detection.
More than thirty North American energy companies use Osprey Reach to reduce operating costs, while mitigating environmental and safety risks. The company’s Software as a Service (SaaS) platform, Osprey Reach, cost-effectively manages remote cameras at a massive scale, analyzes images and video with artificial intelligence and input from other sensors and data systems, and delivers actionable insights to users across the enterprise.
“We are thrilled to partner with Shell Ventures, Evok Innovations and InterGen Capital,” said Rob Logan, CEO of Osprey Informatics. “This strategic investment provides not only capital, but also access to global energy leaders. We are now well positioned to grow our deployments throughout the Industrial IoT.”
“Enabled by augmented intelligence and machine learning, our industry is undergoing rapid change. We see Osprey’s technology as a core component of this digital transformation, with proven operational benefits and promising methane detection potential,” said Michael Crothers, President and Country Chair, Shell Canada.
“Osprey’s technology has tremendous potential to easily integrate into customers’ operations and drive immediate economic and environmental benefits,” said Marty Reed, CEO of Evok Innovations. “We are excited to join Shell Ventures and InterGen Capital to help accelerate Osprey’s growth.”
Brian Felesky and Jim Gray of InterGen Capital, see Osprey as an ideal fit for its new fund. “Osprey has the ability to bring measurable efficiencies and improvements to the oil and gas sector,” said Felesky and Gray. “We are pleased to see such remarkable, industry-focused innovation happening here in Calgary.”
About Osprey Informatics
Osprey’s intelligent visual monitoring platform, Osprey Reach, empowers oil and gas companies to reduce operational costs, while mitigating environmental and safety risks. Osprey Reach cost-effectively manages cameras at scale, analyzes visual data with computer vision (AI) and input from other sensors and systems, and distributes personalized, actionable insights to users across the enterprise. Customers are able to increase productivity through virtual asset inspections, improve HSE compliance with automated leak detection and safety monitoring, and strengthen security and accountability through proactive activity detection and alerting at remote sites.
About Shell Ventures
Shell Ventures is the corporate venture capital arm of Royal Dutch Shell plc (“Shell”). Continuing Shell’s tradition in venture capital since 1997, Shell Venture’s investment focus covers the full energy spectrum from O&G to renewable energy technologies and digital solutions. We are a strategic investor seeking technology companies and business models with energy solutions that can create substantial deployment value. Shell Ventures co-invests with other corporate investors and venture capital funds in both early stage and late stage (growth capital) companies, generally investing $2M-25M over the life cycle of the deal. For more information go to www.shell.com/shell-ventures.
About Evok Innovations
Evok Innovations is a fund that offers a unique approach to innovation, combining the pace and creativity of a Silicon Valley startup with the experience and insight of industry insiders. We drive innovation by deeply understanding industrial challenges, leveraging a global network of entrepreneurs to find solutions, and providing the investment, mentorship, and market access to accelerate deployment for game changing results.
Through a partnership with Cenovus, Suncor and the BC Cleantech CEO Alliance, we invest in a global portfolio of innovative companies to address the most pressing economic and environmental challenges of the oil and gas industry.
This article originally appeared in The Pe Hub Network