Oilfield production monitoring company WellAware raised $16 million in a Series B1 financing, the company said Sept. 1.
Mitsui & Co. (USA) Inc. co-led the funding round with data provider Genscape Inc. The capital will support WellAware’s operations expansion and oilfield analytics product development efforts.
The Series B1 financing bolsters the $45 million of growth equity WellAware has raised since its October 2013 founding. This funding announcement follows the late July launch of WellAware’s chemical management and chemical optimization solutions, the company said.
WellAware is backed by Activant Capital Group and Carlos Slim, an investor and the CEO of Latin American mobile phone carrier America Movil. It is also backed by strategic investors and board members including Ed Whitacre Jr., the former chairman of the board and CEO of AT&T and General Motors. Whitacre recently served on the board of ExxonMobil (XOM). Former Vice President Dick Cheney also backs WellAware, and was the former chairman and CEO of Halliburton.
"We are excited to have globally recognized strategic partners Mitsui and Genscape as part of our respected group of investors,” said Matt Harrison, president and CEO. “This capital further validates of our full-stack solution, which is bringing a new level of automation and efficiency to American oil fields at a time when spending smarter is critical to remaining competitive.”
WellAware is based in San Antonio.
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