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Maven and Enso invest £2 million to support roll-out of Cognitive Geology

Friday, November 3, 2017

Maven Capital Partners ('Maven'), one of the UK's most active private equity houses, and Enso Ventures ('Enso'), a leading specialist early-stage venture capital firm have invested £2million in Cognitive Geology ('Cognitive'), to support the continued growth of the business.

The funding will accelerate the roll out of Hutton to oil companies and enable Cognitive to develop its pipeline of advanced third-generation petroleum geoscience software modules. These are designed to further help geologists find, appraise, and develop both onshore and offshore conventional and unconventional oil & gas reserves.

Founded in 2014 by Geologist Luke Johnson, Edinburgh-based Cognitive recently launched 'Hutton', its first advanced geological data analysis tool. Petroleum geologists analysing the subsurface have to deal with significant uncertainty, which translates into significant investment uncertainty as geologists map an oil reservoir, plan drilling and production, and ultimately maximise oil recovery. Hutton plugs into the major software platforms used throughout the oil and gas industry including Petrel and JewelSuite, aiming to reduce this uncertainty by extracting progressive trends from complex geological datasets. This enables geologists to make better decisions throughout the life cycle of a reservoir.

Hutton's patented Trendware technology emulates the behaviour of an experienced geologist. Its ability to build multiple reservoir scenarios and to quickly provide users with superior visualisation capabilities is a significant advancement on existing solutions based on decade-old software.

The geoscience software market is worth an annual estimated $4.5 Billion, and is expected to double in size in the coming years, as old software architectures are replaced by the next generation of technology. With rising costs, falling exploration success rates, and a low oil price, there is significant market demand for innovative, third-generation software such as Hutton.

Associated Companies
» Maven Capital Partners UK LLP
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