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A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
Andium, a New-York based remote-field monitoring and communications technology firm, announced on Tuesday it has closed a $21.7 million funding led by Aramco Ventures, the corporate venturing arm of Saudi Aramco.
This Series B financing round was also supported by Andium’s existing investors Climate Investment, Intrepid Financial Partners and former Citadel chief information officer, Thomas Miglis.
Combined with the company’s $15 million Series A funding in 2021, this investment brings the total funding to over $40 million.
The new capital will help Andium accelerate its global expansion, including scaling operations across oil and gas basins in the US and the Middle East. It will also reduce technology and equipment costs, support ongoing research and development, and enhance the range of services Andium offers in industrial automation and emissions monitoring.
Andium’s solution combines AI-powered software with on-site sensors and cameras to provide a comprehensive, real-time solution for remote field monitoring. This enables accurate tracking of environmental, social and governance (ESG) metrics, detecting issues like methane leaks, fires and equipment malfunctions.
By providing instant insights, Andium helps companies ensure continuous asset performance and regulatory compliance. The technology has already proven effective in reducing greenhouse gas emissions by up to 65% per location while lowering field operational costs by up to 45% for major energy companies like BP and ConocoPhillips, the company says.
Andium’s real-time monitoring automation is also able to reduce windshield time by over 80%, addressing labor challenges, empowering workers, and improving efficiency across remote locations, it adds.
“This investment is a powerful endorsement of our platform, which will be pivotal as we enter our next stage of growth,” said Jory Schwach, founder and CEO at Andium.
“Our end-to-end operating system, which monitors and provides real-time, verifiable emissions data from remote locations, has already been proven to lower operational costs, cut emissions, and improve safety — helping energy, mining and waste companies meet their net-zero and zero-harm goals.”
Aramco Ventures’ $1.5 billion sustainability fund supports innovative technologies that reduce Scope 1 and Scope 2 greenhouse gas emissions. This investment aligns with Aramco’s goal of achieving net-zero emissions by 2050, the group said.
Bruce Niven, executive MD at Aramco Ventures, commented: “We are delighted to be partnering with Andium. This technology platform has the potential to reduce fugitive emissions as well as provide operational benefits in a variety of applications. It is an elegant and cost-effective solution.”
