Novi builds a cloud-based AI-driven well planning platform that combines predictive analytics with multiple well design inputs, capital costs, and commodity price assumptions to model a well's financial performance over time. The solution is designed to help shale producers optimize economic returns, allocate capital, and mitigate risks for development projects. Novi plans to use recent funding to scale its technology and team and to further invest in its well planning technology. Leadership at the company includes newly named CEO Scott Sherwood and founder Jon Ludwig, who moved into the role of President. The company is based in Austin, TX. Novi Labs is an Austin, Texas-based provider of cloud-based machine learning well planning software for the oil and gas industry. Founded in 2014 by Jon Ludwig, CEO, the company offers a platform to design wells and optimize development programs to maximize economic performance. Its software enables analysts and engineers to uncover insights from data and improve economic outcomes in near real time. Novi has built a customer base of exploration and production companies and is actively expanding its product offerings. The company plans to use new capital to add engineering talent, expand its customer success team, and develop new products and features, including an application for financial firms servicing the oil and gas industry.

Total raised

$7M

Funding rounds

2

Latest round

Series A

Latest activity

May 2019