Amplified Industries (formerly Acoustic Wells), has announced its introduction from stealth with an in-market solution and $10 million (€9.30 million) in funding. Amplified Industries’ IoT (internet of things) solution empowers onshore asset operators with real-time operations data and control to reduce cost, slash emissions and increase production.
In energy sector, conventional equipment characterised by its high cost, challenging usability and limited processing capabilities has historically hindered adoption of industrial automation. Oil producers are seeking streamlined optimisation and monitoring solutions to boost productivity, prevent failures, and reduce environmental impact.
Amplified Industries is changing field, replacing aging and labor-intensive tools with an automation solution that enables operators to monitor and control equipment remotely through a smartphone or desktop. Developed with simplicity and usability at its core, the solution ensures complete visibility into operations, thereby creating a smarter and cleaner oil field.
The solution is proven in market with over 4,000 devices deployed across six US states, with results improving overall profitability by more than 15% while eliminating hundreds of thousands of gallons of spills and maximising asset life. The full-field automation and monitoring system provides data detecting mechanical issues and leak prevention, including an automatic emergency shut-off for pump failures.
“We’re dedicated to democratising technology starting in the energy industry with advanced solutions that allow operators of all sizes to utilise best-in-class AI and digital technology to get the most out of their assets. Our recent funding propels us towards our vision of building a full-control industrial platform for an optimised and cleaner oil field.” says Sebastien Mannai, co-founder and CEO, Amplified Industries.
The Amplified Industries solution can track surface and downhole issues on wells, tanks and valves to prevent leaks by using cloud-based AI and processing coupled with reduced scalable hardware increased by proprietary algorithms. This enables safe remote operations and, thereby increases production. The solution encompasses emissions intelligence, allowing operators to close loop between production and emissions.
“The industry has been working for over twenty years on the concept of the digital oil field, but widespread adoption has been challenging. Amplified Industries’ breakthrough is a watershed moment that’s finally putting high resolution, real-time data and cutting edge AI technology in the palm of any operator, regardless of size or budget.” says Bill Severns, energy industry veteran, former director of upstream digital strategies at CERA and founder of Energy Consulting Group.
In 2020, Amplified Industries raised a pre-seed round and recently a seed round led by Schooner Capital, a private investment firm founded in 1971 with a permanent capital base. Additional investment was provided by CEAS, a venture firm renowned for its investments in technology companies. The funding will enable Amplified Industries to expand its business operations and empower heavy industry and energy operators at scale.
“Amplified Industries is solving a mission-critical challenge in the energy industry, fueled by a compelling vision for the next generation of automation solutions. We’re thrilled to partner with their leadership as they disrupt this space and enable a technological transformation to create a cleaner oil field.” says Alexandra Manick, principal, Schooner Capital.
Amplified Industries was founded out of MIT (Massachusetts Institute of Technology) in 2019. After witnessing challenges independent oil well operators face with high costs of technology and increasing regulatory demands, founders were driven to create a solution that would drive innovation and progress. They have been validated with numerous awards, including winning of prestigious MIT 100K start-up competition, ASU Innovation Open, Forbes’ 30 under 30 in Energy, and Cleantech Open Northeast award.
To learn more about Amplified Industries, please visit here.
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