TAMPA, Fla.--(BUSINESS WIRE)--mIQrotech today announced the close of an oversubscribed Series A financing round that exceeded its fundraising target of $6 million by nearly double. This investment will enable mIQrotech to scale up product development to meet its rapidly increasing market demand. The company is quickly disrupting the oil and gas industry by innovating pipeline optimization and preventing pipeline leaks. With additional support as a Chevron Technology Ventures Catalyst Program Participant, mIQrotech is quickly approaching unicorn status.
“Closing our Series A solidifies our financing as we work toward making our industry cleaner, safer, and more efficient through digital transformation. Our sights are set on further innovations that will continue to revolutionize the industry, and we’re thrilled to have the expertise and capital to roll those innovations out,” said Meade Lewis, Founder, Chief Executive Officer, and Chairman of the Board for mIQrotech.
The firm’s groundbreaking mIQroAware pipeline monitoring solution blends Internet of Things (IoT) technology, smart sensors, and Artificial Intelligence (AI) to monitor the most important parameters of oil and gas pipeline health. From detecting to reporting to predicting future risks, the solution offers a complete suite of technology, making mIQroAware the most comprehensive system for pipeline security on the market. This innovative technology equips operators with an unprecedented amount of data on their pipelines for increased operations, enhanced revenue, and decreased number of pipeline leaks.
“We’ve developed a long-overdue solution to the problem of leaks, and we are fortunate to have visionary investors who recognize the disruptive potential that our technology has for the future of the oil and gas industry,” said Lewis.
mIQrotech’s investors are thrilled to be supporting the vision as well.
“The team at mIQrotech has really built something special. They’ve spent years sacrificing, working long hours, with struggles and setbacks, like all startups have, and they came out the other end with a product that customers clearly love. The demand they’re seeing for their product is amazing, and we’re just lucky to be along for the ride at this point. If people in the industry haven’t heard of mIQrotech yet, I think they will soon,” said Mark Friday, Managing Director at Cathexis Ventures.
George Laflin, Chairman of the Harvard Business School Alumni Angels and President of The Page AngelInvestor Fund said, “We are thrilled to be a part of the mIQrotech mission for improving pipeline control, efficiency, safety and reducing methane emissions all without pipe penetration. mIQrotech is an innovative company that has no competition in this space.”
For more information, visit https://www.miqrotech.com/
mIQrotech is an award-winning technology firm dedicated to the technological advancement of the oil and gas industry. By merging smart sensors, the Internet of Things, Artificial intelligence, and Analytics, its comprehensive pipeline monitoring solution predicts pipeline leaks and increases operational efficiency in the field. With its continued development of groundbreaking solutions, mIQrotech aims to bring more efficient operations to the oil and gas industry for a cleaner, safer environment.