Accelerate Fund III invests in Ambyint AI-powered platform to optimize production, welcoming the company back to Alberta
Calgary, AB, November 14, 2023 – Accelerate Fund III today announced its investment in Ambyint, an Alberta-founded technology business providing AI-powered production and artificial lift optimization to the energy industry, bringing its headquarters back to Calgary. The financing was led by existing investors Mercury and Montrose Lane, paired with new investments from BDC Capital and Accelerate Fund III.
Ambyint is an AI leader in Alberta. Its production and artificial lift optimization platform helps oil and gas companies address the dual challenge of meeting the growing demand for energy while reducing the carbon footprint associated with production. By combining advanced physics, artificial intelligence and subject matter expertise, Ambyint’s solutions automate operations and workflows across all well types and artificial lift systems. Majors and supermajors use Ambyint software to improve production volumes and workforce efficiencies while reducing operating expenses, greenhouse gas emissions, and failure rates.
“This investment allows us to double down on the energy market and accelerate our AI-enabled optimization platform, and do all of this from Alberta. The validation from our customers, talented employees, and investors is most welcome, as we continue to scale Ambyint,” said Benjamin Kemp, CEO of Ambyint. “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.”
The new capital will be used to accelerate customer growth, substantially expand the team and invest in product enhancements. The funds will grow Ambyint’s production optimization capabilities as well as fuel investments in its sustainability and emissions-related functionality. This includes the ability to quantify and mitigate both carbon dioxide and methane emissions, contributing to a more sustainable energy industry.
“As AI continues to unlock value in industrial industries, Ambyint is advancing the oil and gas industry with AI-powered solutions to optimize production for any type of well at a time when energy companies are looking to operate efficiently and more sustainably with leaner teams,” said Yasmine Al-Hussein, Investment Associate, Accelerate Fund III. “We’re impressed with the recent accomplishments of the Ambyint’s team and are excited to win a promising company back to Alberta and to support their next chapter of growth.”
Ambyint is a leading provider of AI-powered optimization software for the energy industry. The platform helps oil and gas producers increase production, reduce operating costs, and minimize their environmental footprint. With a commitment to innovation and sustainability, Ambyint is dedicated to shaping the future of energy production.
About Accelerate Fund III
Accelerate Fund III is an early-stage angel co-investment fund in Alberta. We co-invest alongside angel investors in financing rounds and will typically invest up to $500,000 on the same terms and conditions as private investors. We work with formal angel groups, super-angels, family funds, and individual angel investors. Accelerate Fund III invests in private, early-stage Alberta companies in knowledge-based industries including: information and communications technology, energy technology, as well as life sciences, including agriculture and biotech. Accelerate Fund III is managed by Yaletown Partners with the support of The A100. Alberta Enterprise Corporation is Accelerate Fund III’s lead limited partner with support from other investors, including Opportunity Calgary Investment Fund.
Accelerate Fund III
Claudia @ materialinsight.com