Energy platform drillMap Inc announced that it successfully closed its Series A funding round with USD 6.5 million. RockPort Capital led the round, which was also participated by Ridgewood Capital and ConocoPhillips. Houston-based drillMap is a business intelligence platform that allows oil service as well as exploration and production companies to aggregate, visualize, and analyze energy data. In turn, this web-based intelligence application enables them to make quicker and better business decisions.
drillMap said that it will use the funds to expand its data and analytics platform as its client base grows. It was only commercialized in February this year but it has already signed up 70 customers, some of them the biggest names in the industry. Jitesh Chanchani, drillMap CEO, said that the funding gives them the chance to hasten the adoption of the solution the offer. "The shale boom has transformed the energy industry and current workflows and legacy solutions are unable to support the pace at which decisions are being made. drillMap has shown that customers can proactively track onshore exploration and production activity, optimize the deployment of their assets, and make better business decisions," he said.
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