HOUSTON, Jan. 7, 2020 /PRNewswire/ -- M1neral, an early-stage energy tech startup, transforming the oil and gas minerals space, announced today the close of its oversubscribed pre-seed financing round. The $1.6 million round was co-led by Amnis Ventures and Pheasant Energy, with participation from a handful of select investors and strategic partners.
Based in Houston, TX and co-founded by Jacob Avery, Kyle Chapman, and Shawn Cutter, M1neral has nearly completed building its platform that aims to modernize an industry that is "stuck in the dark ages." While buying and selling minerals and royalties is similar in nature to a traditional real estate transaction, limited information and lack of technology cause the acquisition process to be exponentially more complex, costly, and time-consuming. "The mineral and royalty market is extensive in value but highly fractionated – over $500 billion in value spread across more than 12 million owners around the country. Add to that a lack of quality information and processes that are mostly manual, and it's easy to see what makes these transactions a painful and lengthy process," says Kyle Chapman, Co-Founder, and CEO of M1neral. "With M1neral's cloud-based platform, buyers will be able to research opportunities quickly, engage with sellers and service providers, and utilize artificial intelligence and workflow automation to close deals in a fraction of the time," added Chapman.
"Amnis Ventures is delighted to co-lead the current round of funding in M1neral. The founders come with deep knowledge of oil and gas, coupled with proven, delivered technology implementations in the energy space," says Manuel Silva III, President of Amnis Ventures Inc. "The M1neral platform will bring age-old upstream oil and gas processes into the technology revolution of the 21st century that we have come to expect in other sectors," added Silva.
"M1neral has identified, analyzed, and addressed significant issues on the technology side of the mineral and royalty market. Pheasant Energy has always taken a technology-driven approach and a partnership with M1neral was an obvious next step," says Ryan C. Moore, CEO of Pheasant Energy. "The executive team at M1neral is well-versed in the industry and the challenges that both professionals and individual owners face on a daily basis. As the platform develops, everyone will understand the difference in vision with the M1neral team and the efficiencies that will be achieved with their product," added Moore.
M1neral is building the first all-in-one transaction management platform for minerals and royalties. M1neral's platform offers a robust spatial search tool to identify opportunities and promote collaboration amongst all parties in the transaction process – from buyers and sellers to service providers and financial institutions. The built-for-purpose platform aims to drastically cut cycle times and allow transactions to be completed faster, better, and smarter than ever before. To learn more, visit us at https://www.m1neral.com, Twitter @m1neraltech, or Facebook @m1neraltech.