MineralSoft Inc. co-founders Gabe Wilcox and Jon Parker are looking for a piece of the oil and gas sector worth a potential $1 trillion.
“It’s disorganized, heavily paper-based and it hasn’t been brought online,” and for those reasons, it’s “Really compelling,” said Wilcox, the Austin company’s CEO. Adding non-operator businesses to the mix can help oil and gas drillers research potential new sites, while reducing the costs and risks that come with exploration and production.
MineralSoft closed a $4 million series A round in January that will enable it to double its 20-employee workforce by the end of this year, Wilcox said.
MineralSoft has raised a total of between $5.5 million and $6 million, Wilcox said.
Austin commercial real estate brokerage SkylesBayne Co. is on the lookout for bigger office space, which MineralSoft will need within a year, Wilcox said.
“It’s about building relationships with people who get it,” rather than educating those who don’t understand an entrepreneur’s business, market or vision, Wilcox said.
While MineralSoft remains in growth mode, its annual revenue is in the “Multimillions,” Wilcox said, without divulging exact figures.