SOMERVILLE, Mass.--(BUSINESS WIRE)--Amplified Industries (formerly Acoustic Wells), a pioneering industrial Internet of Things (IoT) solution, today announced its official launch from stealth with an in-market solution and $10 million in funding.
Amplified Industries’ IoT solution empowers onshore asset operators with real-time operations data and control to cut cost, slash emissions and increase production. In the energy sector, conventional equipment–characterized by its high cost, challenging usability and limited processing capabilities–has historically hindered the widespread adoption of industrial automation. Oil producers are seeking streamlined optimization and monitoring solutions to boost productivity, prevent failures, and reduce environmental impact.
Amplified Industries is transforming the field, replacing aging and labor-intensive tools with an affordable and comprehensive automation solution that enables operators to monitor and control equipment remotely through a smartphone or desktop. Developed with simplicity and usability at its core, the solution ensures complete visibility into operations, ultimately creating a smarter and cleaner oil field.
The solution is proven in the market with over 4,000 devices deployed across six US states, with results improving overall profitability by more than 15 percent while eliminating hundreds of thousands of gallons of spills and maximizing asset life. The full-field automation and monitoring system provides data detecting mechanical issues and leak prevention, including an automatic emergency shut-off for pump failures.
"We're dedicated to democratizing technology starting in the energy industry with advanced solutions that allow operators of all sizes to utilize best-in-class AI and digital technology to get the most out of their assets," said Sebastien Mannai, Co-founder and CEO, Amplified Industries. "Our recent funding propels us towards our vision of building a full-control industrial platform for an optimized and cleaner oil field."
The Amplified Industries solution can track surface and downhole issues on wells, tanks and valves to prevent leaks by using powerful cloud-based AI and processing coupled with miniaturized scalable hardware augmented by proprietary algorithms. This enables safe remote operations and, ultimately, increases production. The solution encompasses emissions intelligence, allowing operators to close the loop between production and emissions.
“The industry has been working for over twenty years on the concept of the digital oil field, but widespread adoption has been challenging," said Bill Severns, energy industry veteran, former director of upstream digital strategies at CERA and founder of the Energy Consulting Group. "Amplified Industries' breakthrough is a watershed moment that's finally putting high resolution, real-time data and cutting edge AI technology in the palm of any operator, regardless of size or budget.”
In 2020, Amplified Industries raised a pre-seed round and most recently a seed round led by Schooner Capital, a private investment firm founded in 1971 with a permanent capital base. Additional investment was provided by CEAS, a venture firm renowned for its investments in leading technology companies. The funding will enable Amplified Industries to expand its business operations and empower heavy industry and energy operators at scale.
“Amplified Industries is solving a mission-critical challenge in the energy industry, fueled by a compelling vision for the next generation of automation solutions,” said Alexandra Manick, principal, Schooner Capital. “We’re thrilled to partner with their leadership as they disrupt this space and enable a technological transformation to create a cleaner oil field.”
Amplified Industries was founded out of MIT in 2019. After witnessing the challenges independent oil well operators face with high costs of technology and increasing regulatory demands, the founders were driven to create a solution that would drive innovation and progress. They have been validated with numerous awards, including winning the prestigious MIT 100K start-up competition, ASU Innovation Open, Forbes' 30 under 30 in Energy, and the Cleantech Open Northeast award.
To learn more about Amplified Industries, please visit: https://amplified.industries.
About Amplified Industries
Amplified Industries, formerly Acoustic Wells, offers an IoT solution monitoring, controlling and optimizing artificial lift on oil fields in real-time to maximize efficiency and reduce environmental impact. Its proprietary technology enables oil field owners to remotely monitor equipment by leveraging machine learning, acoustic physics and AI-powered edge computing. Founded by a team of visionary entrepreneurs, Amplified Industries is supported by strategic investors and recognized for its excellence in energy innovation, including the MIT 100K and Forbes 30 under 30. For more information, visit: https://amplified.industries.