“The oil and gas industry is just beginning to utilize high quality frac data to enhance completions and the Well Data Labs platform is the leading technology enabling use of that data,” said Jeremy Arendt, Managing Partner of CVP.
DENVER (PRWEB) November 15, 2018
Well Data Labs closed a Series B funding round led by Cottonwood Venture Partners (CVP) with participation from current investors. The financing will allow Well Data Labs to continue growing its team and expand core product capabilities, along with bolt on products such as real-time data feeds and machine learning models.
Well Data Labs is a Denver-based company at the forefront of the digital transformation that is occurring in the oil and gas industry. Founded in 2014, Well Data Labs offers a modern web application built to give operators the fastest and simplest way to manage, analyze, and report on their internal frac data. Well Data Labs sits between operators and pressure pumping companies and provides a platform that standardizes the delivery of time-series and field-created frac data directly to an operator’s operational engineers and IT systems in real-time.
“This infusion of capital offers us an opportunity to further scale Well Data Labs and position our platform as a leader in the digital oilfield ecosystem,” said Josh Churlik, Well Data Labs’ Co-founder and CEO. “We are excited to build a strategic partnership with CVP and leverage their expertise in oilfield technology.”
In the last 18 months, the oil and gas industry has experienced a shift toward advanced analytics and a need for higher quality real-time data. Well Data Labs provides solutions to meet this need and has recently:
- Launched a real-time frac data service;
- Seen operators use its platform on over 15 percent of frac jobs in the U.S.;
- Added 15 new employees;
- Grown revenue and customer count by 4x since 2017; and
- Expanded into an 11,000 square foot office in Lower Downtown, Denver
“The oil and gas industry is just beginning to utilize high quality frac data to enhance completions and the Well Data Labs platform is the leading technology enabling use of that data,” said Jeremy Arendt, Managing Partner of CVP. “We could not be more excited to partner with the Well Data Labs team in providing customers with the frac data and analytics necessary to optimize data-driven decisions.”
About Well Data Labs:
Well Data Labs, founded in 2014, is at the forefront of the digital transformation that is occurring in the oil and gas industry. The platform is a modern web application that helps petroleum exploration and production companies to become better at managing, analyzing and reporting completions data. Currently, analysis and reporting of completions data is a significant challenge typically involving manual errors, PDFs and 10,000+ row spreadsheets. Well Data Labs’ platform addresses this challenge by enabling instant graphing, analysis and comparison of stage data, while simultaneously structuring and organizing the data to be integrated with other internal systems throughout an organization. For more information, please visit http://www.welldatalabs.com.
About Cottonwood Venture Partners:
Cottonwood Venture Partners (“CVP”) is a Texas-based investment firm partnering with companies that provide digital solutions for the oil and gas industry. CVP invests in digital technology companies that have achieved early customer adoption and require capital to accelerate growth. CVP leverages its expertise and relationships in energy and technology to help drive growth at its portfolio companies. For more information, please visit http://www.cottonwoodvp.com.