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April 10, 2025

PrePad Secures US$2.8 Million Seed Funding and Establishes New Market Category for Drilling and Completions Software

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PrePad Secures US$2.8 Million Seed Funding and Establishes New Market Category for Drilling and Completions Software

April 10, 2025 11:00 AM EDT | Source: PrePad

Calgary, Alberta and Houston, Texas–(Newsfile Corp. – April 10, 2025) – PrePad (“PrePad” or the “Company”), a leading provider of cloud-based software that’s designed to optimize drilling and completions through capital lifecycle management, execution optimization, and asset development strategies, today announced the closing of its US$2.8 million seed investment. The Company will now work to accelerate its growth to meet increasing demand in the energy sector.

“We’re very pleased to complete this round of funding, which represents a significant milestone for us as we establish a new market category for drilling and completions software,” said Sean Hervo, Co-Founder and CEO of PrePad. “With the seed investment, we have the support and resources needed to deepen our U.S. market presence, bolster our go-to-market organization, and accelerate product development. We’ve built a robust software solution that has proven its value to some of the world’s most innovative energy companies. As we enter a growth phase for the company, we invite new clients, partners, and other energy solution providers to join forces with PrePad, the industry standard in this emerging market space.”

The seed investment includes dilutive and non-dilutive components. The Company has received funding in this phase from U.S. oil and gas producer Devon Energy which served as a strategic lead investor, alongside contributions from strategic angel investors such as Deane Stewart and Dan Magyar, both formerly with 3esi-Enersight (now Quorum Software), and strategic partners such as Arcurve, a technology advisory and software development company. Non-dilutive funding came from Alberta Innovates, Chevron Technology Ventures, the Business Development Bank of Canada (BDC), and the National Research Council of Canada’s Industrial Research Assistance Program (NRC IRAP). To date, the Company has raised US$3.7 million.

PrePad is expanding adoption by delivering software solutions to industry leaders, including Chevron, Devon Energy, Coterra Energy, Shell Canada, Birchcliff Energy, and Teine Energy. Focused on optimizing well manufacturing economics, PrePad’s platform is designed to maximize profitability by enabling users to analyze cost, time, and production interdependencies. At the heart of PrePad is its proprietary completions cost and time simulation model, which seamlessly integrates key variables to quantify the economics of different scenarios.

The Company is primarily generating revenue from client software subscriptions. With numerous subscription orders awaiting execution in 2025, PrePad expects to be able to convert a growing share of its target market into active users, solidifying its first-mover advantage.

“As we enter our growth phase, PrePad’s product roadmap remains laser-focused on building software with the best balance of sophistication and simplicity and delivering value-maximizing solutions that address the evolving challenges of the energy industry,” said Brandon Eidson, Co-Founder, President, and CPO of PrePad. “Almost daily we hear from clients how PrePad has helped them streamline a workflow, optimize a design, or settle a debate. We look forward to accelerating that with new clients and partners as we further refine and scale our offerings. Our goal is to enhance energy workers with unprecedented simulation software.”

With the new capital, PrePad plans to continue to expand its U.S. team to support direct sales and customer success initiatives. Building on its strategic partnerships and a track record of delivering tangible results, PrePad is working to advance its mission of shaping a new market category in drilling and completions – ensuring that industry leaders who seek best-in-class solutions can rely on PrePad to remain at the forefront of innovation.

PrePad’s innovative approach was highlighted when the Company was selected for Chevron Technology Ventures’ Catalyst Program in 2024, an initiative aimed at accelerating technology innovation within the energy sector. Following this recognition, PrePad recently showcased its expertise at the SPE Hydraulic Fracturing Technology Conference held in February 2025 at The Woodlands, Texas, where the Company co-presented a paper with Devon Energy.

About PrePad

PrePad offers advanced software solutions for optimizing capital lifecycle management, execution strategies, and asset development in oil and gas drilling and completions. The platform reduces engineering time, maximizes budget value, and reveals the optimal trade-off between production, cost, cycle time, and emissions.

Founded in 2021 by former Shell employees Sean Hervo and Brandon Eidson, PrePad has established itself as a leader in energy tech innovation. The Company has been recognized as a Disruptive Digital Innovator at the 2024 Global Energy Show Canada and named a Top Innovator in Completions by Darcy Partners, a provider of technology-focused market intelligence to the energy sector.

For more information, visit www.prepad.io.

Contact

Sean Hervo
CEO, PrePad
[email protected]

SOURCE: PrePad

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