Tachyus, a provider of data-driven production optimisation software to the oil and gas industry, has closed a Series B funding round led by Cottonwood Venture Partners (CVP), a growth equity firm that partners with technology companies providing digital solutions for the energy industry
Tachyus is an industry leader in optimising fields under secondary and tertiary recovery including water and steam flooding.
Tachyus’ cloud-hosted software is powered by Data Physics aims to predict the reservoir’s response to changes in stimulation.
“In this economic environment, oil and gas operators need disruptive tools to optimise their fields,” said Paul Orland, CEO and co-founder of Tachyus.
“This investment allows us to reach more customers and accelerate the delivery of new technology that improves our clients’ business performance,” Orland added.
“As the oil and gas industry evolves in the face of new commercial challenges, operators need to focus on getting the best performance from their assets, and Tachyus’ technology has a track record of doing just that,” said Jeremy Arendt, managing partner of CVP.
Tudor, Pickering, Holt & Co acted as exclusive financial advisor to Tachyus.
