Cluster Insight With Earth Science Analytics
We see that our technology can contribute to the green shift within areas such as CO2 storage, marine minerals exploration and production, geothermal energy and wind energy, says Jarle Kvamme from Earth Science Analytics.
Cluster Insight is a column where we ask six questions to catch a glimpse into the daily business-lives of our cluster partners and members.
In last column, Jan Børge Sagmo from Bergen Carbon Solutions sent the baton over to Earth Science Analytics (ESA), so this week, we spoke with Jarle Kvamme to learn more about him and his work in ESA:
ESA is a company that is spearheading the development of the next generation geoscience software based on artificial intelligence, physics- and data-driven approaches.
1. What is your role in Earth Science Analytics?
I am an angel investor, board member and CFO of Earth Science Analytics.
2. Your main focus at work right now is?
We have just completed a series B round of 75 MNOK from Equinor Ventures, Wintershall Dea Technology Ventures and Sumitomo Corporation and we are planning the process of scaling the company with them and Saudi Aramco Energy Ventures, who first invested in our Series A round in 2019.
We are very happy to have investors that are enthusiastic about our product and who work proactively to utilize the technology in their own business.
3. Biggest challenges and opportunities for ESA in the future?
There are now several “waves” that create huge opportunities for us and that we can leverage from.
The strongest wave is the transition from desktop to cloud. In addition, we have other waves like “data liberation”, “workflow automation”, “remote working” in addition to “AI and machine learning”.
We also see that our technology can contribute to the green shift within areas such as CO2 storage, marine minerals exploration and production, geothermal energy and wind energy.
One of the main challenges we are facing is that the transition from desktop to cloud is moving slowly and some potential customers are not ready to implement our software. They can be stuck with legacy software and existing data silos. We also experience that some geoscientists are sceptical towards new technology. And my experience is that this problem correlates with the increase in “wow factor” of the new technology introduced.
With our software solution EarthNET you can do a seismic interpretation project in 3 hours, compared to 3 weeks with traditional software. Furthermore, you can do a 3-D property prediction study in 2 weeks instead of 6 months. And with much better accuracy.
We just recently finished a project for the UK Oil and Gas Authority, the Norwegian Petroleum Directorate, and a consortium of operator companies where we used the software to identify overlooked oil and gas accumulations in presumed dry wells.
We analyzed more than 5000 wells in 3 months as part of this study. Above 200 hydrocarbon intervals were identified in wells that were previously assumed to be dry. It sounds impossible and previously it was, but with EartNET you can do it. We now have a fast- growing number of customers taking advantage of the fantastic benefits that our software provides.
4. Best part of being member in a cluster
I think the best part is that you are invited to join interesting events, seminars and programmes. This year we are participating in the 100ScaleUPs programme by GCE Ocean Technology, BI, MIT and VIS.
It is also great to feel the support from the cluster and we are grateful for having received the Subsea Upcoming Company of the Year Award in 2018, which has been important to us.
5. Your business motto
Pay it forward! Having worked with start-ups and entrepreneurship for over a decade I have learned that this is one of the main keys to success! The first time I visited Silicon Valley I was really amazed by how willing people were to help, network and connect with strangers.
By paying it forward you build a network and create an environment that increases the chances of success, not only for yourself, but also for others.
6. Which cluster member should we interview next?
Thank you for the insight Jarle.
Earth Science Analytics (ESA) is a Norwegian software technology company established in May 2016 by Eirik Larsen, Behzad Alaei and Dimitrious Oikonomou, a strong team with many years of experience within Exploration and Production and software development.
ESA became a member of GCE Ocean Technology in 2020.
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