Earth Science Analytics secured $8.54 Million in Funding round led by Equinor Ventures

Earth Science Analytics, a Norway based petroleum geoscience software provider, has now secured $8.54 million in funding round.

Earth Science Analytics is founded by the Kjell-Erik Østdahl in the year 2012. It is a provider of a petroleum geoscience software platform based on the AI, physics, and data-driven approaches. Its proprietary software package EarthNET is a cloud-native application that allows accurate prediction of fluid and rock properties in the subsurface.

Lisa Rebora, Senior Vice President in Equinor Exploration, said, "Digitalisation is impacting how we work, making it easier to analyse and be creative with data, improving how we collaborate and enhancing our understanding of the subsurface. We are always seeking to learn and improve, looking externally for those partners and innovators who can help us release the value of our data and the knowledge of our people. The Earth Science Analytics cloud-native solutions will contribute to empower more people to access data-driven and cutting-edge technology, and help generate more opportunities and value with increasing efficiency."

Andreas Berger, Managing Director of Wintershall Dea Technology Ventures, said "Our industry will be led by companies who integrate digital technology into all areas of the business and foremost in their key processes in order to gain value. The solutions of Earth Science Analytics will enable us to make data-driven decisions faster and more precise with direct impact on our bottom line."

The round was backed by the Wintershall Dea Technology Ventures, Equinor Ventures, and Sumitomo Corporation. They are joining Aramco Energy Ventures, who first infused in the company in the year 2019.

The company intends to use newly raised funds to continue developing and enhance its cloud-based geoscience software. The company also plans to expand its presence across the globe, notes the announcement.