TechX Ventures accelerates low-carbon technology solutions for oil and gas
LONDON -- The Oil & Gas Technology Centre (OGTC) and Deep Science Ventures (DSV) have selected two pioneering start-up companies to join industry-leading technology accelerator program, TechX Pioneers.
A ground-breaking collaboration between the OGTC and DSV, TechX Ventures is focused on delivering technologies that will position the oil and gas industry for a sustainable, low-carbon future. The OGTC recently announced its 2019 TechX Pioneers, with 10 start-ups from across the oil and gas and clean-tech industries.
Integrating DSV’s experience in developing science-driven companies, which have historically included Hark (Google) and Surreal Vision (Facebook), will bolster the program’s focus on broader industry challenges.
Working directly on oil and gas challenges for the first time, DSV has helped unlock solutions that will position the industry as a valued part of a balanced low carbon energy mix, such as automation, artificial intelligence and energy efficiency.
Eltera and Optic Earth, who were selected to join the TechX Pioneer program through the TechX Ventures program, are focused on two key industry opportunities:
- Best in class engines waste 50% of energy as heat. Eltera converts wasted heat into electricity, reducing greenhouse gas emissions
- 21st century seismic image processing and interpretation relies on considerable human resources. Optic Earth uses cutting-edge artificial intelligence to remove the bias from this workflow, improving the quality of images available to the subsurface community to reduce potential exploration and appraisal uncertainty
They will join 10 other start-ups on the 16-week Pioneer program, which provides up to $129,000 (£100,000) in funding with no equity or pay back required. In addition to close access to top-tier industry partners such as strategic partners BP and KPMG, Pioneers will receive expert business support and access to field trials – a truly unique opportunity for start-ups.
David Millar, TechX Director at the Oil & Gas Technology Centre said,
“We work in partnership with Deep Science Ventures to solve the unsolvable within the energy industry. We are harnessing their ecosystem to develop teams of the future who think outside the box.
“Today, the 2019 TechX Pioneers begin their journey of innovation and entrepreneurship.
This year’s cohort is very diverse and no longer just focused oil and gas. We’re working with companies who can create a long-term sustainable future that contributes to the low carbon economy, and both Eltera and Optic Earth are a welcome addition to our final line-up.”
Dominic Falcão, Director, Deep Science Ventures said,
“Deep Science Ventures has established and grown over 50 companies, and we are delighted to have nurtured a further two who are now joining the TechX Pioneer program. This is the next step in their journey and I look forward to seeing them develop and continue their TechX adventure.
“This is a successful partnership, and we will continue to work with the Oil & Gas Technology Centre’s TechX team to solve world-wide challenges, looking beyond oil and gas and creating companies of the future who bring a fresh thinking to the industry.”
Both the OGTC and DSV will be taking part in SPE’s Offshore Europe Conference in September 2019, including the new start-up village in partnership with Elevator.
