LOS ALTOS, CA, Tachyus, a provider of data-driven production optimization software to the oil and gas industry, has secured $15 million in Series B funding.
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Tachyus, a provider of data-driven production optimization software to the oil and gas industry, announced today that it 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 optimizing fields under secondary and tertiary recovery, including water and steam flooding. Founded in Silicon Valley with deep oilfield experience, Tachyus has grown beyond North America with customers in Argentina, Europe, and Asia. Tachyus' cloud-hosted software is powered by Data Physics, a unique blend of Artificial Intelligence and Physics that quickly and accurately predicts the reservoir's response to changes in stimulation.
"In this economic environment, oil and gas operators need disruptive tools to optimize their fields," Tachyus CEO and Co-Founder, Paul Orland said. "This investment allows us to reach more customers and accelerate the delivery of new technology that improves our clients' business performance."
As a portfolio company of CVP, Tachyus joins other leaders in the energy technology space. "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. "We are excited to partner with the Tachyus team to expand their reach and empower customers to optimize production across their fields."
Tudor, Pickering, Holt & Co. acted as exclusive financial advisor to Tachyus.