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The recent announcement by Saudi Aramco Energy Ventures leading a $26 million dollar investment in an enterprise analytics start-up Maana may be a sign of the times for oil companies. Oil price volatility is priming the pump - and creating an environment that will have normally risk-adverse companies looking in unusual places to find sources of revenue. Today, oil companies are turning to operational analytics to solve problems that might not have been solved before in an effort to remain profitable when oil price is low. Oil & gas industrial environments have been long since isolated from the enterprise, making the decision making for most - slow and disconnected from the business planning activities.
ARC Research reveals that for the Oil & Gas industry, one of the most significant returns with the application of operational analytics is the reduction of plant downtime and further reducing maintenance cost by shifting to predictive and prescriptive maintenance, and remote monitoring of assets used in production operations.
The idea of business and operational transformation by the use of big data has often dismissed in the heavy process industries. Few companies are able to execute on a big data strategy while laggards often refer to their operational and production data sets as "tiny data'. It is these lagging companies that will suffer most in these periods of oil volatile prices.
Oil and Gas companies also tend to look to their peers and benchmark the use of technology. The fact that so many oil companies are investing in the emergent semantic graph technology from Maana, this may open the door for other O&G companies to turn to analytics solutions.
Saudi Aramco makes this significant move shortly after Chevron Technology Ventures, Shell Technology Ventures, GE Ventures. Intel Capital and Frost Data Capital.
Saudi Aramco Energy Ventures,the corporate venturing subsidiary of Saudi Aramco, one of the world’s leading integrated energy and chemicals company has made the decision to invest heavily - to the tune of $26 million in an Enterprise Analytics company. Saudi Aramco Energy Ventures mission is: “to invest globally into early-stage and high growth companies with technologies of strategic importance to Aramco, to accelerate their development and their deployment in the Kingdom of Saudi Arabia.”. The interesting part of all this - the investment is targeting operational analytics - the kind of analytics that would support real-time production and refining operations.
Also new to this round of financing is Shell Technology Ventures, the corporate venture capital arm of Shell. Existing investors GE Ventures, Chevron Technology Ventures, Intel Capital, and Frost Data Capital also participated in this round. Maana is the first startup in big data analytics and IoT, to raise such a large amount of funding primarily from strategic investors. Series B brings the total funding raised to date, to over $40 million. This round also brings together some of the world’s largest oil and gas and industrial enterprises as investors, many of which are also Maana customers and have seen the speed at which Maana enables them to optimize their key industrial assets and business processes.
ARC Research reveals that for the Oil & Gas industry, one of the most significant returns with the application of operational analytics is the reduction of plant downtime and further reducing maintenance cost by shifting to predictive and prescriptive maintenance, and remote monitoring of assets used in production operations.
The idea of business and operational transformation by the use of big data has often dismissed in the heavy process industries. Few companies are able to execute on a big data strategy while laggards often refer to their operational and production data sets as "tiny data'. It is these lagging companies that will suffer most in these periods of oil volatile prices.
Oil and Gas companies also tend to look to their peers and benchmark the use of technology. The fact that so many oil companies are investing in the emergent semantic graph technology from Maana, this may open the door for other O&G companies to turn to analytics solutions.
Saudi Aramco makes this significant move shortly after Chevron Technology Ventures, Shell Technology Ventures, GE Ventures. Intel Capital and Frost Data Capital.
Saudi Aramco Energy Ventures,the corporate venturing subsidiary of Saudi Aramco, one of the world’s leading integrated energy and chemicals company has made the decision to invest heavily - to the tune of $26 million in an Enterprise Analytics company. Saudi Aramco Energy Ventures mission is: “to invest globally into early-stage and high growth companies with technologies of strategic importance to Aramco, to accelerate their development and their deployment in the Kingdom of Saudi Arabia.”. The interesting part of all this - the investment is targeting operational analytics - the kind of analytics that would support real-time production and refining operations.
Also new to this round of financing is Shell Technology Ventures, the corporate venture capital arm of Shell. Existing investors GE Ventures, Chevron Technology Ventures, Intel Capital, and Frost Data Capital also participated in this round. Maana is the first startup in big data analytics and IoT, to raise such a large amount of funding primarily from strategic investors. Series B brings the total funding raised to date, to over $40 million. This round also brings together some of the world’s largest oil and gas and industrial enterprises as investors, many of which are also Maana customers and have seen the speed at which Maana enables them to optimize their key industrial assets and business processes.