WellAware, a San Antonio, Texas-based oil and gas industry’s solution for oilfield production monitoring and optimization, raised $16m in a Series B1 financing.
The round was co-led by Mitsui & Co. (U.S.A.), Inc., the subsidiary company of Mitsui & Co., Ltd..
The company, which has raised $61m to date, intends to use the funds to expand its operations and augment its oilfield analytics product development efforts.
Led by Matt Harrison, president and chief executive officer, WellAware provides for the oilfield, enables upstream, midstream, and chemical service companies with a platform to reduce operating expenses, minimize downtime, and ensure safety and regulatory compliance through data collection, exception-based monitoring and actionable analytics. By aggregating real-time oilfield production data into a web-based and mobile application, operators can remotely monitor and control field assets to improve labor and equipment efficiency.
FinSMEs
01/09/2015