SAN JUAN CAPISTRANO, Calif.--(BUSINESS WIRE)--The Rice Alliance for Technology and Entrepreneurship (Rice Alliance) announced the 10 Most Promising Energy & Clean Technology Venture Companies at the 13th Annual Energy & Clean Technology Venture Forum in Houston last week. Energy & Clean Technology companies showcased their new offerings at the largest venture capital conference in the Southwest with 500 attendees, including investors, venture capitalists, industry representatives, business leaders, service providers, and entrepreneurs.
The one-day event culminated in an announcement of the 10 Most Promising Energy & Clean Technology Venture Companies chosen from 60 presenters and judged by the Rice Alliance Energy & Clean Technology industry experts and interest generated from participating investors.
Five of the ten most promising companies are based in the Houston area: Amros; Big Delta Systems; MicroSilicon, Inc.; Rheidiant; and Viper Drill. The other five companies represented diverse regions, including: AdaptiveWell Technologies from San Juan Capistrano, California; Intelligent Dots from Georgia; Fracture ID, Denver, CO; GroundMetrics, San Diego, CA; and VUV Analytics from Cedar Park, TX. The announcement of the top companies was made at the end of the program by Karen Love of PKF.
“Every year the quality of companies improves,” said Rice Alliance managing director Brad Burke, who presided over the announcement of the winners of the Energy & Clean Technology Venture awards at the event. “Over the past 13 years, more than 1,700 companies have presented at Rice Alliance Technology Venture Forums. These companies have raised more than $2.1 billion in funding. This speaks to the quality of the companies and to the robust entrepreneurial ecosystem of investors that has been developed to support these companies. Despite the challenging economic environment over the past several years, good companies have been able to attract investors.”
AdaptiveWell was named one of the Energy & Clean Technology Venture Companies at the forum. AdaptiveWell developed a unique scenario-planning platform that connects the dots between Big Data and real-time automated analytics to give Oil & Gas operators a better way to optimize their capital and operations under all economic conditions.
Benjamin Decio, CEO, AdaptiveWell – “The Rice Alliance Forum provided AdaptiveWell with the unique opportunity to present our company, share the scope of the problem AdaptiveWell is solving, and how we impact our Operator clients in front of many of the most relevant Oil & Gas Companies and Investors in the industry. We were very pleased with future client, partnership, and investment opportunities made available to AdaptiveWell during the Forum that will aid our Seed B investment round and Operator pilot projects.”
The Forum was supported by BP, Chevron, Shell, Wells Fargo, ConocoPhillips, Energy Ventures, Baker Hughes, FMC Technologies, GE, OTM, Saudi Aramco, Statoil, Technip, Total, Andrews Kurth, Norton Rose Fulbright, Altira, Lime Rock Partners, Comerica, Leyendecker and Associates, Winstead, PKF Texas, and Insperity, with supporting organizations Greater Houston Partnership, and Opportunity SURGE Ventures, Village Capital, Energy Valley, Inc. Houston Angel Network and media sponsors Houston Business Journal and EnergyMakers Radio Show.
AdaptiveWell solves the problem of cross-functional, optimal basin-level development and portfolio planning. By crossing the chasm between subsurface simulations and operational IT we enable our customers to specify, analyze and choose from multiple well placement, spacing and completion scenarios with full transparency on a number of expected KPIs including costs, production, and risk.
AdaptiveWell provides a unique upstream specific Big Data platform and decision support system that combines first-principle, operational and financial data in a proprietary and state-of-the-art optimization and machine-learning environment. By tracking historical planning as well as performance data and incorporating additional 3rd party data sources, AdaptiveWell precisely forecasts prospective, scenario outcomes.
Through its Integrated Planning and Performance Tracking solution, AdaptiveWell delivers precise and actionable scenario recommendations that result in expected 5-20% cost savings for surface operations, 10-20% lower cycle times, and significantly raises capital efficiency due to integrated surface-subsurface field layouts as well as optimized completion operations.