Cognitive Geology finds new reserves
Oct 9, 2017
Edinburgh-based petroleum geoscience software startup, Cognitive Geology, has just raised a further £2m in a funding round backed by Maven Capital Partners and Enso Ventures. Founded in 2014 by Geologist Luke Johnson, Cognitive Geology has developed a set of ‘third-generation’ petroleum geoscience software modules designed to help geologists find, appraise and develop conventional and unconventional oil & gas reserves, both onshore and offshore. According to CrunchBase, the startup had previously raised £340k in a seed funding round in June 2016. The oil exploration industry has been a long-time user of supercomputing and advanced analysis tools to help assess and optimise oil finds. Indeed, the geoscience software market is reportedly worth an annual estimated $4.5B alone, even so a mere fraction of the capital invested in exploration and extraction. Cognitive Geology’s strapline is: “Helping you be approximately accurate rather than precisely wrong”. For oil companies, the cost difference between the two can be huge!