SAN ANTONIO, Sept. 1, 2015 /PRNewswire/ -- WellAware, the oil and gas industry's only full-stack solution for oilfield production monitoring and optimization, today announced it has raised $16 million in a Series B1 financing. The round of funding was co-led by Mitsui & Co. (U.S.A.), Inc., the subsidiary company of Mitsui & Co., Ltd., one of the world's most diversified and comprehensive trading, investment and service enterprises, and Genscape, Inc., a global provider of real-time data and intelligence for commodity and energy markets. The capital will be used by WellAware to expand its operations and augment its oilfield analytics product development efforts.
"We are excited to have globally recognized strategic partners Mitsui and Genscape as part of our impressive roster of investors," said Matt Harrison, WellAware president and chief executive officer. "This capital further validates of our full-stack solution, which is bringing a new level of automation and efficiency to American oilfields at a time when spending smarter is critical to remaining competitive."
The funding adds to the $45 million of growth equity WellAware has raised since being founded in October 2013 from Activant Capital Group and Carlos Slim, a prominent investor and the chief executive officer of America Movil, one of the largest mobile phone carriers in Latin America, as well as from strategic investors and WellAware board members such as Ed Whitacre Jr., the former chairman of the board and chief executive officer of AT&T and General Motors, who recently served on the board of ExxonMobil, and Dick Cheney, former Vice President of the United States and former chairman and chief executive officer of Halliburton.
WellAware's products enable E&P, midstream and chemical service companies to reduce operating expenses, minimize downtime, and ensure safety and regulatory compliance through reliable data collection, exception-based monitoring and actionable analytics. By aggregating real-time oilfield production data into a web-based and mobile application, operators can remotely monitor and control field assets to improve labor and equipment efficiency. In addition, they provide role-based dashboards and customizable reports so that users can more effectively prioritize their activities and improve operational decision-making.
This funding announcement follows the launch of WellAware's Chemical Management and Chemical Optimization solutions, which help E&P and chemical service companies reduce oilfield operating costs and optimize production, in late July.
For more information on WellAware's oilfield monitoring solutions, go to www.wellaware.us.
WellAware, a data analytics company for the oilfield, enables upstream, midstream, and chemical service companies to reduce operating expenses, minimize downtime and ensure safety and regulatory compliance. Our full-stack solution provides reliable data collection, exception-based monitoring, and actionable analytics. Based in San Antonio, Texas, the company has secured $61 million in investment funding and built a world-class team of management and advisors from the oil industry. To learn more about WellAware, please visit www.wellaware.us.