Staying ahead of the technology curve means strengthening your competitive advantage. That is why we give you data-driven innovation insights into the oil and gas industry. This time, you get to discover 5 hand-picked startups in the oil and gas industry developing cloud computing solutions.
Global Startup Heat Map: 5 Top Cloud Computing Solutions for Oil & Gas
The 5 oil and gas startups you will explore below are chosen based on our data-driven startup scouting approach, taking into account factors such as location, founding year, and relevance of technology, among others. This analysis is based on the Big Data & Artificial Intelligence (AI)-powered StartUs Insights Discovery Platform, covering over 1.3 million startups & scaleups globally.
The Global Startup Heat Map below highlights the 5 oil and gas startups & scaleups our Innovation Researchers curated for this report. Moreover, you get insights into regions that observe a high startup activity and the global geographic distribution of the 127 companies we analyzed for this specific topic.
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Lavoro Technologies provides Software-as-a-Service (SaaS)
Nowadays oil & gas companies transition to cloud computing and implement SaaS solutions for operations. SaaS applications are useful throughout the oilwell lifecycle and also in downstream business applications. Such functional models provide easy-to-use and role-based permission systems that allow administrators to partition access among the users. SaaS model applications are also easy to commission, access, deploy, update and integrate with other business applications.
Lavoro Technologies is a US-based startup that builds SaaS platforms for the oil and gas industry to enable digital transformation. The startup’s platform provides operators with real-time data visualizations and insights. This is then useful for automating and optimizing production, improving oil recovery, and maximizing the return on investment (ROI). Lavoro’s SaaS solution also integrates with third-party enterprise resource productivity (ERP) accounting, supervisory control and data acquisition (SCADA), and business intelligence tools.
NeuDax offers Data Analytics-as-a-Service
The oil and gas industry produces large volumes of data through its day-to-day exploration & production (E&P) activities. By collecting data from the internet of things (IoT) devices and sensors, oil companies perform advanced analytics to optimize production and increase recovery efficiencies. Predictive analytics enables oil and gas analysts to blend multiple data types and determine causes of failures. Analysts are also able to scrutinize performance data to compare actual-versus-estimated costs.
NeuDax is a US-based startup offering an AI platform – FracDax – for the upstream oil and gas industry. FracDax is a SaaS platform that utilizes machine learning (ML) to provide intelligent decision support for unconventional resources. The startups’ platform helps oil and gas operators analyze thousands of oil-well and -pad parameters to choose optimal solutions. Further, the startup’s platform helps field engineers develop their resources efficiently and with more confidence.
Cognite builds a Cloud-based Asset Management Platform
Process industries like oil and gas are quite complex, with several types of equipment to track and manage in a facility. Managing and maintaining assets, in such environments, using generic enterprise asset management (EAM) or computerized maintenance management system (CMMS), is currently insufficient. Therefore, emerging startups develop asset management software to efficiently monitor operations and optimize asset usage. Further, using cloud-based asset management software platforms, engineers and managers remotely access asset data to improve maintenance and increase productivity.
Cognite is a Norwegian startup providing a cloud-based asset management platform – Cognite Remote, as well as digital twins, for oil & gas companies. Engineers and analysts use the platform to access real-time data to effectively manage their asset performance. The startup’s platform bridges the gap between the oilfield and office by enabling distributed teams and increasing field efficiency. The platform also replaces time-consuming manual routine inspections and reduces operating expenses.
SOTA OG develops Edge Network solutions
Oil and gas companies utilize cloud and edge computing to digitize their assets and decentralize data processing. Edge computing is useful for diagnosing and improving the maintenance of decentralized asset networks, at the source. It also increases worker safety, reduces machine downtime, and lowers operating costs for oil companies. Effective use of the edge helps oil and gas analysts in yielding more in-depth insights across diverse products or portfolios.
SOTA OG is a US-based startup that develops advanced analytics-based solutions for the oil and gas industry. The SOTA OG platform provides owners and operators with fully-integrated solutions for capturing data using edge connectivity and enables access to real-time field and operations data. The startup helps managers improve operational response, enhance business decisions, and drive revenue growth.
Codovia builds a Real-time Monitoring Platform
Cloud-based platforms integrate IoT sensors, hardware, and software to enable remote, real-time asset monitoring. Such cloud platforms offer visualizations using 3D models from computer-aided design (CAD) software, with the integration of historical data and multiphysics. This helps energy companies improve asset utilization while reducing downtime. Real-time monitoring also allows process design engineers and the operational teams to study usage patterns and predict potential failures.
British startup Codovia integrates IoT technology using a cloud-based mobile application for monitoring and controlling. Moreover, Codovia’s solutions combine ML, natural language processing (NLP), image processing, and blockchain technologies to automate operational tasks. Together, the startup allows users to receive real-time assistance in the form of notifications, reports, and graphs.
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