Andium, a company specializing in the remote monitoring of assets, including oil and gas wells, has just raised significant liquidity as part of an investment cycle led by OGCI Climate Investments, a company formed by the world’s largest oil companies.
Launched in 2014 to “support” the targets set in the Paris Agreement to limit global greenhouse gas emissions, OGCI has invested in 21 projects to date.
With Andium, the oil majors join existing investors, including Tom Miglis, former investment director of Citadel Securities and Talis Capital, to support a company developing technologies for natural gas torch monitoring, tank telemetry and detection objects.
The company said it was providing oil and gas companies with real-time information from remote locations at a much lower cost than other solutions.
Few technologies are less attractive than sensors and monitoring equipment, but there are also few more vital technology services to stop the flow of greenhouse gas emissions. As Mark Tomasovic, partner at the renewable energy investment firm, Energize tweeted (to me): “A few companies are involved in monitoring and reducing methane emissions from the production of oil and gas wells. … [1 million] wells in the United States and methane is 28 times more powerful than CO2, these startups have had more impact on global climate change than Tesla.
“We believe visibility is paramount in change leadership and operational excellence, and our remote monitoring technologies are specifically designed to provide businesses with an accelerated path to achieving their sustainability goals,” said Jory Schwach, CEO of Andium, in a press release.
Schwach, a serial entrepreneur whose previous forays into the business world have included GlobalRim, a global solar positioning systems company and offline communications service, began developing a battery-powered tracking system for the logistics.
“I spent most of two years building a battery-powered tracking solution for long haul trailers so the market could replace brokers with ‘shared assets’. I failed hardware quickly and often and realized that the real value lay in the ever-changing product demands that would be much easier to resolve with a change in software, ”Schwach told the Medium Authority publication. Magazine. “I decided that creating a new kind of operating system for small devices could be a big undertaking if I took advantage of the operating system to customize products according to changing business cases. use while managing the hardware and infrastructure on behalf of the customer. ”
Andium’s technology uses out-of-the-box cameras and microphones with an artificial intelligence overlay to provide real-time monitoring of all kinds of industrial assets.
“The transparency created by monitoring and measuring methane is essential for reducing emissions,” said Pratima Rangarajan, CEO of OGCI Climate Investments. “Andium’s innovative low-cost solution lowers the barrier for operators of all sizes to adopt and implement best practices and we are happy to support their growth.”