Data Start-Up for Oil Industry Tachyus Raises $6 Million.
Even since he managed to graduate from Stanford in 2011, Dakin Sloss has already co-founded two startups, which includes the government analysis company OpenGov. A couple of months ago, Sloss and two of his friends began discussing what their next project should be. After a bit of research into a variety of industries that are ripe for more sophisticated data analysis, they manage to come up with quite an interesting one, oil and gas.
The three had gone on to find what has now become known as Tachyus, who’s goals are to create an array of sensors and mobile applications that will help oil and gas producers better record and analyze their wells. The company plants to announce sometime this coming Thursday, that it has managed to raise over $6 million from a group led by Founders Fund and includes Streamlined Ventures, Caffeinated Capital and Formation 8.
This startup has represented a sort of anomaly among Silicon Valley. Many new business tend to focus on high-technology products for the Internet or green technology, but Mr.Sloss and his fellow co-founders, Franciso Leport and Paul Orland, have instead aimed for the decidedly much older and grittier business of drilling for hydrocarbons.
“If you care about energy, you should care about oil and gas,” Mr. Sloss said. “If you can do something to make oil and gas more efficient and more safe, that will have a fundamental impact.”
None of these three have any sort of experience within this industry, thought they did eventually hire a petroleum engineer. Although the business offers a chance to apply the latest in data collection and analysis to help create operations become more efficient.
A turning point came when the team had adventured into a major producer’s field within Bakersfield, Calif. Workers where gathering data on the wells temperature and oil flow rate with only pads an pencils. then having to retype the data into computer with an array of business systems.
“It became really clear that there was an opportunity for fresh technology minds here,” Mr. Sloss said. “We’re helping business make better decisions.”
Tachyus has been in the process of developing hardware and software that will gather information wirelessly on the various aspects of oil production, tracking the production through the use of iPads or a web application. The company’s product are in the process of being test by prospective customers.
Mr.Sloss did not want to comment on other financial details of the funding round at this time. which includes the company’s valuation. Although he did say that Tachyus has planned to use the money to increase its team up to 30 or 40 people within the next coming two and half years.
“Despite exciting advancements in renewable energy, fossil fuels will continue to drive the world’s energy supply for decades, and doing more with these limited resources is incredibly important,” Scott Nolan, a partner at Founders Fund, said in a statement. “Tachyus’s work in bringing a new level of operational intelligence to the oil and gas industry represents a huge opportunity on multiple levels.”