June 1, 2015 | By admin |
No matter how you feel about climate change, the oil industry is becoming more data-driven and efficient thanks to this startup.
Oil isn’t the most popular industry in the Bay Area, admits Dakin Sloss, co-founder and CEO of Tachyus, an 18-month-old Silicon Valley startup that builds data tools for the oil industry. But Sloss — a serial entrepreneur who graduated from Stanford in 2011 — says “if you care about energy, then you should care about oil and gas. There’s a big opportunity for more data-driven efficiency.”
The startup seems to have hit a nerve initially with oil well operators in the U.S. Sloss says that the company’s data models are being used at 6,000 oil wells domestically helping operators increase their oil production by an average of 20 to 30 percent and enabling Tachyus to grow its revenues around 20 percent week over week. Sloss declined to name the company’s oil operator customers.
Sloss tells Fortune that, following this growth, Tachyus has recently closed on a Series A round of $13 million in funding led by the Founders Fund, the venture capital firm created by former PayPal founders including Peter Thiel. Founders Fund has backed startups like SpaceX, Palantir, Airbnb, Facebook, Lyft, Spotify and Yammer. Read more on Fortune