Accelerate Fund III invests in Arolytics to optimize management of methane emissions
Calgary, AB, September 19, 2023 – Accelerate Fund III today announced its investment in Arolytics, a Calgary-based methane analytics and software company specializing in enterprise management of methane data for the oil and gas sector. The financing round was led by BDC Capital and its Sustainability Venture Fund, with participation from Metiquity Ventures, StartupTNT and a Houston-based strategic investor. Combined with government grants awarded from a variety of federal and provincial organizations, Arolytics’ announced a total capital raise of over $3.5 million.
This investment will enable Arolytics to scale quickly with a focus on continued product innovation, U.S. market entry, and team expansion to fully address client needs in this time-sensitive market. With fast expanding methane requirements globally, Arolytics is well positioned to be a market leader in helping oil and gas firms meet methane reduction targets. Since Arolytics’ previous fundraise, the team has more than tripled in size, expanded sales to the U.S., and their product has undergone extensive automation and scalability improvements.
“As energy companies seek strategies to move toward net zero emissions, Arolytics meets the industry’s critical needs, now,” explained Liz O’Connell, CEO and Co-Founder of Arolytics. “We look forward to entering our next phase of growth alongside our investment partners including Accelerate Fund III.”
The Arolytics platform allows energy companies to gain valuable insights into methane measurement data, leading to faster emissions reductions at lower costs. By combining sophisticated data modelling and integrating methane measurement data from any sensor or source, Arolytics equips energy companies with the tools they need to make informed decisions and drive sustainable emissions reduction practices.
“Alberta is known for developing technology that advances the energy industry. It’s great to see Calgary’s Arolytics defining responsible methane emissions management for the modern energy industry,” said Yasmine Al-Hussein, Investment Associate, Accelerate Fund III. “We’re impressed by the strong founding team and their ability to build trust relationships with oil and gas producers across North America.”
Arolytics is a methane analytics and software company formed in 2018 that specializes in enterprise management of methane data for the oil and gas sector. With proprietary algorithms and emissions modelling, Arolytics’ products and services optimize energy sector methane strategies by evaluating methane detection technologies and work practices and by providing an integrated methane management platform that derives strategic insights.
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