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.
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, a company with greek DNA since its CEO Panos Adamopoulos is greek, 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.
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.