Friday, January 27, 2023

Scaling up infrastructure inspection energy sector yields 15 million dollars

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A Sydney startup that uses robotics to assess critical infrastructure in the global oil and gas industry has raised $15 million after doubling its revenue over the past two years.

Abyss Solutions previously raised $3.25 million in December 2020, with AirTree again leading the latest investment backed by Australian Retirement Trust.

Co-founded in 2014 by four Sydney University engineers, the scale-up counts BP, Exxon, Chevron, Total and Scottish Water among its clients and has built the business across the Middle East, South America and Europe within the energy sector.

The company combines robotics and artificial intelligence to automate risky and repetitive infrastructure inspection work. They are focused on leading the transition to autonomous oil fields by developing technologies to help energy companies reduce risk and operational expenses by digitizing and ultimately decommissioning their platforms and plants.

The deviation detection software for top maintenance, Abyss Fabric provides clients with comprehensive analytics on every inch of their asset base, providing unprecedented wealth management and decision-making capabilities. One example involved detected corrosion on a gas pipeline that saved the customer $25 million in a potential unplanned shutdown.

READ NOW: VAPAR, the pipeline inspection startup founded by two female engineers, just raised a $2.5 million seed round

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