Ambyint secures $14 mln in Mercury Fund-led Series A round

Ambyint Inc, a Calgary-based energy-focused artificial intelligence (AI) startup, has raised about $14 million (US$11.5 million) in a Series A financing. U.S. venture capital firm Mercury Fund led the round and was joined by GE Ventures, Statoil Technology Invest and Cottonwood Venture Partners. Launched in 2015, Ambyint has developed an AI-driven, artificial-lift optimization solution that helps oil and gas companies reduce costs and improve production. It will use the funds raised to expand deployments of the technology in Canada and the United States and pursue further innovation. Ambyint was founded by COO Nav Dhunay and is led by CEO Alex Robart.

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