BOULDER, Colo., Feb. 4, 2014 /PRNewswire/ -- PetroDE, the Petroleum Decision Engine, announced today that it has closed a $2M Seed Round investment. This funding was provided to Vesmir Inc., creator of PetroDE. The round was led by Catamount Ventures LLC, and includes GABA LLC, and JES Inc.
PetroDE will use this investment to market their system, accelerate development of the product roadmap, and commercially support their growing client base.
Alan Lindsey, CEO of PetroDE, said, "As worldwide energy demand continues to increase, the petroleum industry needs a better way to deliver new opportunities for development. PetroDE, the world's first Petroleum Decision Engine, is the only system that analyzes data from millions of wells, then simultaneously queries and presents production data, in real-time, on a continental to local scale. This collaborative tool is proving to be essential to our clients, and with this investment from our venture partners, we are pleased to accelerate our commercial plans and showcase PetroDE at NAPE in Houston on February 6, 2014."
Jim Thorson, President of Catamount Ventures, said, "With the continued hunt for unconventional plays and calibration of best practices within them, spatial analytics can have a transformational role in helping operators increase their capability. The scope of need in the industry at this time is tremendous. PetroDE is powerful and user-friendly. As a collaborative operational management system supporting field identification and development, PetroDE will change the way that organizations pursue and deliver new opportunities in oil and gas."
PetroDE is the world's first petroleum decision engine: a powerful cloud-based platform for making collaborative, geospatial decisions. Using the Google Earth API with a proprietary shared map feature, combined with IHS and other public & proprietary datasets, PetroDE enables teams to quickly identify opportunities, easily quantify activity & productivity, and securely collaborate around the globe. For more information please visit PetroDE.com.
About Catamount Ventures, LLC
Catamount Ventures is a boutique technology investment firm that funds select early-stage ventures led by visionary principals targeting unique growth opportunities.
About GABA, LLC
GABA is a Louisiana-based LLC that invests in innovative companies that offer diversification from its natural resource roots while applying insight from industrial experience.
About JES, Inc.
JES provides Business Development services to the energy industry, and invests in select high-impact opportunities.
1500 28th Street
Boulder, CO 80303
Read more news from PetroDE.