*NEWS: AI Startup Raises $5 Million
A company that uses artificial intelligence (AI) to improve production by oil and gas companies raised $5 million in a Series A round.
The funding for OspreyData, with HQ in San Juan Capistrano, was led by Houston Ventures, according to a press release.
The investment will help support OspreyData’s technology, especially its machine learning platform. Machine learning is a form of AI. The company uses AI, and the analytics it provides, to predict equipment failure.
The funding will also be used to grow the company’s sales and services teams globally, CEO John Burke said in the release.
Fred Lummis, a junior partner at Houston Ventures, said that OspreyData is a “perfect fit” for its fourth fund, which targets inefficiencies in oil and gas operations.
Frost Data Capital, also in San Juan Capistrano, created and incubated OspreyData and remains an investor, Anthony Howcroft, chief strategy officer at Frost Data Capital, told OC Startups Now.