Thursday, May 16, 2019

Novi Labs Finds $7M To Apply AI To Oil Wells

Austin-based Novi Labs, a developer of well planning software for the oil and gas market, has raised $7M in a Series A funding round, the company said this week. The company said the funding came from Cottonwood Venture Partners and Bill Wood Ventures. As part of the funding, the company said it has named Scott Sherwood as the company's new CEO as part of the funding round. Sherwood was previously CEO of Packet Design, and also had served at NetQos, Cache IQ, and ScienceLogic. Novi said the new funding will use the funding to scale out its technology and team, to help the shlre producers who are its customers. Novi says its software helps shale producers optimally allocate capital and mitigate risks for development projects.