Verdande Technology develops the Edge platform, which uses case-based reasoning (CBR) to collect and enable reuse of knowledge for specialized business applications. The platform has applications in the energy sector and is designed to solve new problems by leveraging solutions to similar past problems. Verdande intends to use recent capital to expand its technology into new industry verticals such as finance and healthcare. The company raised $8M (approx NOK45m) in new funding and also received a US$1.75m (NOK10m) grant from Innovation Norway. Founded in 2004 and led by CEO Lars Elias Olrik, Verdande is based in Trondheim and maintains regional offices in Houston, New York and Abu Dhabi. The company’s backers include Investinor and other owners such as Statoil and ProVenture Management. Verdande Technology AS develops software for the oil and gas industry, centered on a case-based reasoning platform that leverages historical data to predict and prevent adverse events. Its flagship product, DrillEdge, assists drilling engineers in lowering risk, increasing rate of penetration, and reducing non-productive time during operations. The platform makes large amounts of historical data available for predicting adverse events and enabling corrective actions. The company was created in 2004 and is based in Trondheim, Norway. Prior to this round it was privately funded by StatoilHydro Venture AS, Proventure Seed AS, founders and employees. The company received a NOK 19.7m investment from Investinor.

Total raised

$13M

Funding rounds

3

Latest round

Grant

Latest activity

Oct 2012