Phoenix Development Fund announces seed investment in Fossilytics Engineered Solutions.
Phoenix Development Fund (“PDF”) is pleased to announce that it has agreed to invest in Fossilytics Engineered Solutions (“Fossilytics”), a company developing an intelligent well data, reservoir and production engineering platform that will link disciplines, field data, and analysis using Industrial Internet of things (IIoT) and a secure cloud to create a true smart digital oil & gas field (Eng Tech SAAS).
Oil & Gas companies process significant amounts of data which are located in different tech silos that don’t communicate well with each other. The process of linking that data is inefficient, frustrating and requires highly specialized and expensive resources to combine the information. Fossilytics vision is to fundamentally change the way data is processed, collected and analysed by linking sensors in the field to the analysis in the cloud. Fossilytics will deliver cost cutting analytical software solutions to the Oil & Gas industry.
Fossilytics is led by executives Peter Walsh and Colin Jordan. Peter has established and managed services companies to the Oil & Gas sector both in Australia and Canada and Colin is a Petroleum & Research engineer with over 20 years professional experience in North America, UK, Australia, Europe and Asia. Francisco Dias Costas has been appointed as a director with the company.
PDF’s investment will allow Fossilytics to finalise a proof of concept with a major Australian Oil & Gas producer as well as prepare a go-to-market strategy.