HOUSTON--(BUSINESS WIRE)--Sourcewater, Inc., the leading provider of oilfield water intelligence, closed a $7.2 million Series A share offering led by Bison Technologies, with major participation by Marubeni Corporation and prominent energy industry family offices in Houston, Midland, Dallas, and Oklahoma City.
Joshua Adler, Founding Chief Executive of Sourcewater, said, “For every barrel of oil produced in the Permian Basin there are more than ten barrels of associated water that are sourced, recycled, transported and disposed of. When America became the world’s leading energy producer last year, it also became the world’s leading water producer, times ten. Water management is now the majority of upstream energy production cost, and water sourcing, recycling and disposal capacity is the primary constraint on America’s energy future.
“Sourcewater has worked for over five years to become the trusted market intelligence provider at the center of the energy-water nexus. With this funding we will continue to build the best data science and engineering team in Houston, develop the most timely, complete and accurate data gathering and analysis systems for upstream water and energy markets, and deliver even more value and insight to our customers. Our whole team is grateful that we have been able to earn the trust and respect of so many of the leading companies in our industry, and we are excited to have the resources to serve them even better.”
North Whipple, CEO of Bison Technologies, said, “Having built the top water midstream, infrastructure and logistics company in Oklahoma, we are well aware of the critical importance of accurate, timely and complete water market data for our business and investment decisions. Sourcewater is without question the innovation leader in the oilfield water data space, and we are excited to support their growth with our strategic capital, expertise and relationships.”
Sourcewater, Inc., (www.sourcewater.com) based in Houston, is the leading provider of oilfield water intelligence. Sourcewater gathers data from its online water marketplace, proprietary satellite imagery analytics, hundreds of government databases, market research, and IoT sensors to generate holistic, geospatial insights into oilfield water markets.
Sourcewater was founded from MIT’s Energy Ventures program in 2014. Sourcewater has been honored by IHS CERAWeek as an Energy Innovation Pioneer; the Oil & Gas Awards as New Technology of the Year; TPH as an Energy Disruptor; the CleanTech Open with the first CTO Water Prize; SxSW Eco; the Rice Energy Alliance; MassChallenge; and NEWIN, which named founding CEO Josh Adler Water Innovator of the Year. Adler is an entrepreneur who has founded energy, real estate, robotics, medical technology, and internet companies and was the Chief Speechwriter to the Treasury Secretary under President George W. Bush. He is a graduate of Yale and MIT, holds four U.S. patents, and resides in Houston, Texas.