A Houston-based tech startup focused on artificial intelligence in the oil and gas industry is planning to expand its operations and go on a hiring spree after closing a $15 million Series B funding round.
Leahy said engineers typically have two options for determining the future production rates and structure of an oil reserve: using mathematical computations to make predictions, which lacks certainty, or using more expensive and advanced 3D modeling that is more accurate but takes months to produce results.
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It builds a predicative model of an oil reservoir, and optimizes the production plan based on the model to achieve a business goal.
The software also allows engineers to quickly predict mechanical equipment failure, relationships between completion design and initial production and how the reservoir will respond to the injection of water, steam and other substances used in oil production.
Tachyus customers range from small independent oil and gas companies, to state-owned oil companies and a large super major oil company.
“Leveraging the strength of machine learning and AI are really expanding the scope of technical problems oil and gas operators can attack,” Leahy said.