BP Ventures Invests $5 Million in Geospatial Analytics Firm Satelytics
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BP Ventures, the investment arm of oil and gas major BP, has invested $5 million in Satelytics, an Ohio-headquartered cloud-based geospatial analytics software company.
Satelytics deploys advanced spectral imagery and machine learning to monitor environmental changes, including methane emissions.
The company collects high resolution spectral imagery from satellites, drones and planes and combines the images with its in-house machine learning algorithms to create unique electromagnetic signatures.
The electromagnetic signatures can be used to detect environmental changes, including releases or leaks.
The software developed by Satelytics visualizes the data sets on interactive displays, giving end-users a clear and actionable picture of operations and alert them to risks such as methane leaks.
Satelytics CEO Sean Donegan said: “BP’s early use of our detection and quantification software has inspired us to expand our capabilities. BP’s investment marks an inflexion point for Satelytics, which will assist us in expanding our technological capabilities and fuel future innovation.”
The investment made by BP Ventures will help the firm to further develop its technology and also to scale up its applications across the oil and gas sector.
The technology is expected to become part of BP’s aim to install methane measurement at all major oil and gas processing sites by 2023.
BP Digital Science and Engineering Senior Vice President Morag Watson said: “Satelytics is modernizing the energy sector by making data about physical assets more accessible and digestible, leading to better decision making.
“We are excited to work closely alongside their unique team of scientists and technologists to help them evolve their technology and to continue to move the needle on industry digitalization.”
In January, BP Ventures announced an investment in China’s artificial intelligence (AI) energy management company, R&B.
Source: NS Energy
To stop by BP Ventures’ website, CLICK HERE
To stop by Satelytics’ website, CLICK HERE
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