EquityMetrix, a technology-enabled service provider of big data solutions to land data management issues in the oil and gas industry, has secured a USD5m growth investment from Peterson Partners.
The funding will accelerate the development of new services to help manage oil and gas operating companies, mineral interest owners and energy investors identify revenue underpayments and misallocations.
“Peterson Partners’ deep experience in growth equity investments makes them the perfect strategic partner for us,” says Tom Agnew, CEO and founder of EquityMetrix. “On average, we recover one per cent of total revenue, which has unlocked tens of millions of dollars in unclaimed revenue for our clients. With this capital infusion, we look forward to accelerating our growth and introducing new services that deliver significant value for our customers.”
EquityMetrix’s cloud-based software combines image processing, machine learning, spatial processing and data mining to analyse and organise exploration and production records. In addition to uncovering missing data and tracking down lost records, the proprietary technology detects anomalies – such as poorly documented or incorrectly mapped assets, or agreement terms that are out of compliance – to pursue lost and underpaid revenues.
“Because many oil and gas companies do not have the technology to adequately manage their non-operating revenues, EquityMetrix solves a real pain point in this sector,” says Matthew Day, principal at Peterson Partners. “We are confident that EquityMetrix’s marquee client base and patented technology platform provide a competitive advantage that positions the company for a high trajectory of growth and success going forward.”
