New growth investment in Seismos’ predictive analytics and digital technology platform that modernizes analog infrastructure of energy exploration and production markets
AUSTIN, Texas & NASHVILLE, Tenn.–(BUSINESS WIRE)–Seismos and Edison Partners today announced a new $15 million growth investment to enable and accelerate the energy industry’s shift from analog-focused exploration and production to technology-driven, digital infrastructure and autonomous production operations. This growth equity investment will support Seismos’ expansion across its existing oil and gas industry base and into new verticals, such as geothermal and mining that are similarly embracing modern digital infrastructure solutions.
“The new energy age involves all forms of generation in an equilibrium supported by modern technology,” said Panos Adamopoulos, founder and CEO of Seismos. “Oil and gas markets are moving to a state of autonomous, intelligent, AI-driven operations. With Edison, we’ve partnered with a great operating team to help us grow exponentially as this modernization takes hold.”
Tools and practices historically used in oil and gas production are facing their natural limits in generating relevant, real-time information which results in suboptimal cost structures, production numbers and safety standards. The new, autonomous, digitized oil and gas field requires next-generation automation and optimization. With its AI-powered Acoustic Sensing, Seismos is revolutionizing the energy sector with efficient, innovative technology that delivers real-time, actionable intelligence. The company’s proprietary AI technology enables rapid, continuous insights and predictive monitoring for quality control that can create up to 10x production improvements and cost savings for operators.
Seismos’s topline growth highlights the increasing global demand for its innovative solutions. Revenue expanded 800% between Q1 and Q4 of 2023 on a customer base that doubled in the same time period. The company expects this momentum to continue with further expansion in the Middle East, South America, and Asia. With over 45 patents, Seismos holds a strong intellectual property position, reinforcing its leadership and innovative edge in the industry.
“Seismos is leading the evolution of the digital oil field. With a unique, verticalized technology platform and scalable low-cost solution, they’ve created a new market category. Combined with the passion of founder Panos Adamopoulos and expertise of this leadership team, the company fits squarely within Edison’s investment theme of digitizing critical infrastructure, attacking some of the energy industry’s biggest challenges,” said Ryan Ziegler, general partner at Edison Partners.
While more sources of renewable energy, such as solar and wind power, continue to grow, primary global energy sources include a mix ranging from renewables, to oil and natural gas, and will be driven by increasing global demand that will extend until at least 2050, according to McKinsey. The company’s use cases and applications are very compelling to both core energy producers and the global energy transition industry at large.
Edison’s investment in Seismos adds to other digital infrastructure investments, including 120Water, Budderfly, Overhaul, and RTS. Edison has invested in more than 260 companies, more than half of which have been in the enterprise solutions space.
About Seismos
Seismos is the worldwide leader in AI-powered Acoustic Sensing which provides rapid, efficient, and continuous insights for any enclosed structure from drill-holes to pipelines. Examples of such enclosed structures are oil and gas wellbores requiring monitoring during completion operations, subsurface pipelines leaking toxic liquids, geothermal and carbon capture utilization and storage applications, and more. With the Seismos Acoustic Friction method of analytics with cloud-powered artificial intelligence, Seismos delivers to oil and gas operators real-time subsurface data enabling 2-10x production improvements and 10x cost savings. The company’s technology provides pipeline operators predictive monitoring for safety, quality control and anti-theft enabling critical downside insurance in the $20B pipeline infrastructure safety market. Seismos’s customers include companies in the United States, Canada, Chile, China and the Middle East, with further expansion planned for Asia and Latin America. For more information on Seismos and its technology, please visit www.seismos.com.
About Edison Partners
Edison Partners is a leading growth equity firm providing the financial and intellectual capital that CEOs and their executive teams need to grow and scale their companies. The firm’s team brings more than 275 years of combined investing, operating and sector experience to each investment, accessible via the Edison Edge value creation platform, which is tailored to each business’ strategy, stage and operating needs. Edison targets high-growth financial technology, healthcare IT and vertical SaaS and marketplace companies located outside Silicon Valley with $10 million to $30 million in revenue. Investments also include buyouts, recapitalizations, spinouts, and secondary stock purchases. Named as a Top Growth Investment Firm by GrowthCap for two years running, Edison’s active portfolio has created aggregated market value exceeding $10 billion. Edison Partners manages $1.6 billion in assets. For more information on Edison Partners, please visit edisonpartners.com and follow on LinkedIn.
Contacts
Media
Gregory Papajohn
Archie Group for Seismos and Edison Partners
[email protected]