Norway-based energy software provider, Earth Science Analytics AS, has raised a series A funding from Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Aramco said in a statement.
Earth Science Analytics is spearheading the development of the next generation petroleum geoscience software based on artificial intelligence (AI).
The goal with the cloud-based software platform, EarthNET, is to enable faster, cheaper and more accurate prediction of rock and fluid properties in the subsurface, and thus allow oil and gas exploration and production to be done with greater profitability and higher success rates than what can be achieved with traditional software and workflows.
“This is a company with an impressive team, and we believe that their technology could transform the way the oil and gas industry predict and model subsurface reservoir properties, including uncertainty and risk assessment,” Caroline Svae of SAEV said.
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