We interrupt our regular geology programming with a special announcement: we're delighted to report that Cognitive Geology has recently raised a £2 million investment round to help us scale our business and get our first product Hutton into the hands of more geologists around the globe.
As regular visitors to this blog will know, at Cognitive Geology we have been developing the next generation of technical software for geoscientists and reservoir engineers since the beginning of the industry downturn – helping geologists do their jobs more effectively, and thus helping oil companies in their quest for more cost effective solutions under the new price regime. Now with several major customers on board, at this point in our journey we're very pleased to announce two investment partners in the form of UK private equity house Maven Capital Partners and Enso Ventures, a London-based early-stage venture capital firm.
Here's what our CEO Luke Johnson had to say about the news: “The oil industry, one of the first to adopt 3D visualisation and high performance computing, once led software innovation but today it has fallen behind gaming & cloud technologies. As geologists and technologists ourselves, our mission is to take advantage of modern software architectures to improve the efficiency of our peers around the globe by giving them the best software possible, for the complex tasks they face each day.
To that end, the feedback from our customers so far has been overwhelmingly positive. Today’s low oil prices increase the requirement for better technology. Enso & Maven, both forward-thinking investors, were quick to recognise the fortuitous timing of our company growth. This investment round will provide us the capital to scale our Edinburgh headquarters and position ourselves as innovators of 3rd generation software solutions for the energy services sector."
David Milroy, Investment Director at Maven said: “Luke is a true entrepreneur having created Hutton to tackle the challenges he encountered himself when working as a geologist responsible for high value upstream oil and gas projects. Cognitive has a differentiated approach that provides geologists with the most robust geological explanations for the data they observe and in doing so helps them make more informed decisions. Luke has assembled a very capable technical team as well as an experienced advisory board and we look forward to helping the team execute their exciting plans.”
Enso's CFO, Oleg Mukhanov, added: “We are excited to support this cutting-edge business, which is set to revolutionise the way geological data is analysed and interpreted. We strongly believe that Cognitive’s high calibre team is capable of delivering on this task, which will put them at the forefront of their industry.”
Thanks to everyone in the geology community who has supported us so much thus far: hugely appreciated - you are the folks we are building for!
Ok: that's all on the investment side for now - back to the geology!