A company founded in Calgary in 2004 is moving back to Canada.
The longtime Texas-based Ambyint, which provides AI-powered solutions to energy sectors, announced this month that Calgary is once again the company’s official headquarters.
To fund the return home from Houston and fuel the company’s next chapter of growth, Ambyint unveiled this week a round of private capital.
The funding was supplied by existing investors Mercury and Montrose Lane as well as new investors BDC Capital and Accelerate Fund III, an Alberta-based investment fund managed by Yaletown Partners with the support of The A100.
As an investor since 2017, Mercury has watched the Ambyint platform and team develop over the past six years.
“We believe they are now poised to dramatically expand their industry footprint and improve customer emissions,” says Mercury managing director Adrian Fortino.
The capital will be focused on hiring more tech talent in Canada as well as accelerating customer growth and optimizing product enhancements, according to a statement from the firm.
“This investment allows us to double down on the energy market and further our AI-enabled optimization platform,” stated Benjamin Kemp, chief executive of Ambyint since 2021. “Validation from our customers, talented employees, and investors is most welcome as we continue to scale.”
Currently, the platform’s artificial lift technology promises an increase in production up to 7% and a reduction in operating costs up to 30%—thanks to a physics-based, data-driven approach toward optimizing efficiency within the oil and gas industry.
“Utilizing advanced AI, Ambyint is addressing a significant opportunity in upstream oil and gas by increasing production while reducing GHG emissions,” believes Joseph Regan, managing partner at BDC Capital’s Innovation Venture Fund. “They are leading the charge between their impressive technological progress and respected, industry-leading customers—Ambyint’s AI software will be the standard operating procedure in this sector.”
As Ambyint reaches for Regan’s high bar, Kemp is confident moving forward.
“Given the uncertainty in the venture capital market, attracting new investors like BDC Capital and Accelerate Fund III—who have followed Ambyint’s journey for several years—demonstrates how far we have come and the exciting future ahead of us,” he says.
“We have the wind in our sails,” the CEO affirmed.