Validere, a leading informatics platform that enables energy companies to realize efficiencies through real-time product quality insights, announced the closing of its US $15 million USD ($20,551,275 CAN) Series A funding round led by Wing VC, with participation from Greylock Partners and Sallyport Investments.
With offices in Houston, Calgary, and Toronto, Validere was founded by Harvard graduate and award-winning scientist Dr. Ian Burgess and entrepreneur Nouman Ahmad, who both recognized the enormous opportunity to bring data transparency to oil and gas.
“Forty trillion dollars of physical oil and gas is traded annually and 3 – 5% of that value evaporates due to opaque and fragmented product quality data,” said Ahmad, CEO at Validere. “As oil changes hands multiple times across the supply chain, it’s incredibly challenging to keep track of product quality. Product quality is critical as it underpins what the product is worth and where it can be delivered. Despite its importance, access to real-time quality data has been an elusive gap for the industry. We are solving this fundamental challenge by bridging new technologies with a deep understanding of the industry’s complexities. As recent market volatility has shown, optimization tools like Validere’s are more important than ever in helping the industry reduce costs and increase profitability.”