Wednesday, September 2, 2020

Equinor Ventures, Wintershall Dea Technology Ventures and Sumitomo Corporation Invests in Total 75 mNOK in Norwegian Artificial Intelligence Software Provider Earth Science Analytics

STAVANGER, Norway & KASSEL, Germany & TOKYO, Japan--(-)--Earth Science Analytics AS, a Norwegian petroleum geoscience software provider, has raised a series B funding from Equinor Ventures, the corporate venture fund of Equinor, a broad energy company and the leading operator in Norway, Wintershall Dea Technology Ventures, the corporate venture subsidiary of Wintershall Dea, Europe’s leading independent gas and oil company and Sumitomo Corporation, one of the world’s largest general trading companies. The three new investors are joining Saudi Aramco Energy Ventures, who first invested in the company in 2019.

Earth Science Analytics is spearheading the development of the next generation petroleum geoscience software based on artificial intelligence, physics- and data-driven approaches. Earth Science Analytics’ proprietary software package EarthNET, is a modern cloud-native application that allows faster, cheaper and more accurate prediction of rock and fluid properties in the subsurface. This leads to greater profitability and higher success rates for oil and gas exploration, development and production.

The funds will allow Earth Science Analytics to continue developing its unmatched cloud based geoscience software to the next level as well as expand its presence across the world.

Lisa Rebora, Senior Vice President in Equinor Exploration, commented “Digitalisation is impacting how we work, making it easier to analyse and be creative with data, improving how we collaborate and enhancing our understanding of the subsurface. We are always seeking to learn and improve, looking externally for those partners and innovators who can help us release the value of our data and the knowledge of our people. The Earth Science Analytics cloud-native solutions will contribute to empower more people to access data-driven and cutting-edge technology, and help generate more opportunities and value with increasing efficiency.”

Andreas Berger, Managing Director of Wintershall Dea Technology Ventures, commented “Our industry will be led by companies who integrate digital technology into all areas of the business and foremost in their key processes in order to gain value. The solutions of Earth Science Analytics will enable us to make data-driven decisions faster and more precise with direct impact on our bottom line.”

Kenichi Hotta, GM of Sumitomo Corporation Global Energy Service Department, commented “We believe that Earth Science Analytics (ESA) brings more digital capability to the industry. Together with ESA, Sumitomo continuously contributes to ongoing digital transformation initiatives by supporting process automation, cost reduction and minimizing greenhouse gas emissions. Furthermore, initiatives such as our new ‘green’ subsurface businesses (including carbon capture and storage, geothermal development and underground energy storage) will greatly benefit from the use of ESA’s data-driven and cutting-edge technology.”

Kjell-Erik Østdahl, Chairman of Earth Science Analytics, commented “We are proud to welcome Equinor Ventures, Wintershall Dea Technology Ventures and Sumitomo Corporation as new institutional investors. Together we will continue to develop the technology to create a step change in geoscience interpretation using AI.”

About Equinor Ventures
Equinor Ventures is Equinor’s corporate venture fund dedicated to investing in attractive and ambitious early phase and growth companies. We believe that the innovation, creativity and agility of start-ups can drive change and transition the energy industry towards a low carbon future.

About Wintershall Dea Technology Ventures GmBH
Wintershall Dea Technology Ventures GmbH (WDTV) is the venture capital arm of Wintershall Dea, Europe’s leading independent gas and oil company. WDTV is responsible for integrating innovative concepts and technologies to the core businesses of the company. The aim of WDTV is to make investments into digital solutions and relevant break-through technologies and business innovations along the value-chain of our industry. The focus of investment is on cost reduction, increased recovery of hydrocarbons, reduction of environmental footprint or reduction of subsurface uncertainty.

About Sumitomo Corporation
Sumitomo Corporation (SC) is a leading Fortune 500 global trading and business investment company with 136 locations (Japan: 22, Overseas: 114) in 66 countries and regions. The entire SC Group consists of more than 900 companies. SC conducts commodity transactions in all industries utilizing worldwide networks, provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC’s core business areas include Metal Products, Transportation and Construction Systems, Infrastructure, Media and Digital, Living Related and Real Estate, Mineral Resources, Energy, and Chemical and Electronics.

About Earth Science Analytics AS
Earth Science Analytics AS (ESA) is a Norwegian technology company developing the next generation web-based cloud-native geoscience software and solutions. ESA incorporates extensive knowledge and experience in geoscience, computer science, artificial intelligence, and machine learning, to develop software and solutions for the energy industry. The software products provide geoscientists with opportunities to work with large data sets more efficiently and obtain more accurate results at a lower cost compared to what can be achieved with traditional methods.

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