Despite a bearish energy market, oil and gas technology startup Oseberg said Tuesday it has closed on a $10 million investment round.
Oseberg, which has offices in Oklahoma City and New Orleans, also announced a new product called Sól, a Web-based research tool that improves access to oil and gas industry data.
Houston based-investment firm Houston Ventures led the $10 million, Series A investment round in Oseberg.
It was joined by Palmetto Partners, Duncan Equity Partners and Colton Capital Partners LLC. “This raise, particularly against the backdrop of sustained low oil prices, highlights the value of Oseberg’s approach to oil and gas technology,” said Evan Anderson, Oseberg’s CEO. Oseberg compiles and maintains several energy data sets that it offers through desktop applications and online products.
Much of the information is “Trapped” in public documents, which Oseberg converts to databases and digital maps.
The company, whose products currently cover the Oklahoma and Texasmarkets, said the investment will allow it to expand its product line and geographic reach.
Beau Babst, product manager at Oseberg, said the company’s Atla and Sól products are helping oil and gas clients be more efficient.