- The round was led by existing investors Mercury and Montrose Lane, together with new investors BDC Capital and Accelerate Fund III
- Ambyint also announced the relocation of its head office from Houston to Calgary
- The funds raised will be used by Ambyint to accelerate customer growth, increase talent and optimize product enhancements
Ambyint, a provider of artificial intelligence-enabled optimization software for the energy industry, has raised follow-on financing. No financial terms were disclosed.
The round was led by existing investors Mercury and Montrose Lane, together with new investors BDC Capital and Accelerate Fund III, managed by Yaletown Partners with the support of The A100.
Ambyint also announced the relocation of its head office to Calgary. The company previously had its headquarters in Houston.
Ambyint’s software platform helps oil and gas producers increase production, reduce operating costs and minimize their environmental footprint. The funds raised will be used to accelerate customer growth, increase energy and technology talent and optimize product enhancements, including expansion of the company’s emissions mitigation capabilities.
“We have the wind in our sails and are extremely proud to see this transaction close,” said Benjamin Kemp, CEO of Ambyint, in a statement. “This investment allows us to double down on the energy market and further our AI-enabled optimization platform. Validation from our customers, talented employees and investors is most welcome as we continue to scale.”
In 2020, Ambyint secured $15 million in a Series B financing led by Cottonwood Venture Partners.
Based in Houston, Mercury is an early-stage venture capital firm focused on investing in software startups. Montrose Lane, also based in Houston, is an opportunistic firm that invests in software and energy technology companies.