RunTitle Raises $8MM Round Led by Founders Fund as Oil & Gas Embraces Big Data
Funding Comes as Low Oil Prices Open the Door for Disruptive Technology in Oil & Gas Acquisitions and Divestitures
AUSTIN, Texas, Oct. 2, 2015 /PRNewswire/ -- RunTitle, an oil and gas data startup, has closed $8 million in Series A financing led by Founders Fund. Joining in the fundraise were Aubrey McClendon's Deep Fork Capital, existing investor Austin Ventures, and several individuals.
The financing gives RunTitle an opportunity to expand amid a crisis-level oil price environment forcing the historically slow-to-change oil and gas industry to seek out innovative data and software solutions. "Oil and gas companies are seeking out ways to maximize efficiency now more than ever. By making land information easily accessible, RunTitle has the potential to eliminate billions of dollars of unnecessary spend," said Geoff Lewis, Partner at Founders Fund.
Mineral title data -- the record of who owns the mineral/drilling rights beneath the earth -- is required information each time an oil and gas company wants to drill a well or make an acquisition. Before RunTitle was formed, an oil and gas professional had to conduct up to months of research via paper documents and books in county courthouses to determine who owns the mineral rights to any parcel of land. RunTitle's proprietary database of title data enables oil and gas companies to make faster, more precise acquisition and divestiture decisions.
RunTitle will use the proceeds to accelerate hiring on its engineering, sales, and marketing teams and to continue growing its proprietary dataset of mineral title information.
About RunTitle
Based in Austin, Texas, RunTitle is an oil and gas data and software company focused on solving problems with mineral title information. RunTitle provides previously inaccessible mineral title research to oil and gas professionals nationwide. This research allows oil and gas companies to make smarter acquisition decisions in a more timely manner. RunTitle's customers range from small independents to multiple publicly traded natural resource exploration and production companies.
For more information, visit RunTitle.com
About Founders Fund:
Founders Fund invests in companies using science and technology to solve the world's most difficult problems. The firm and its partners have been early backers of some of the most prominent companies of the past decade, including Airbnb, Facebook, Palantir Technologies, and SpaceX. Founders Fund pursues a founder-friendly investment strategy that provides maximum support with minimum interference. More information can be found at www.foundersfund.com.
About Austin Ventures:
Austin Ventures ("AV") has worked with talented entrepreneurs to build valuable companies for over 30 years. With $3.9 billion of capital raised, AV is one of the most established venture capital firms in the nation. AV invests in early stage and middle market companies, and its strategy is to partner with talented executives and entrepreneurs to build industry-leading companies predominantly in Texas. http://www.austinventures.com/
About Deep Fork Capital:
Deep Fork Capital (DFC) is an early-stage venture capital firm focused on investing globally in entrepreneurs who are creating disruptive technology-driven innovations in the Consumerized Internet. We collaborate and partner with inspired, creative entrepreneurs who are driven by a passion to make a meaningful impact, with a focus on software-driven sectors including adtech, digital media, enterprise, gaming, social, e-commerce, big data and cloud computing deployed across multiple platforms including web and mobile. http://deepforkcapital.com/
SOURCE RunTitle
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