Maven and Enso inject £2m into Cognitive Geology

The fresh capital will enable the company to roll out its Hutton product to oil companies and develop additional petroleum geoscience software modules.

The company said in a statement that there has been a growing demand for its products due to the low oil price and the requirement to find technology-led efficiencies within the industry.

According to unquote" data, PE- and VC-backed investments in the UK oil and gas space have fallen considerably following the collapse of crude oil prices in 2014. In H1 2017, there were just two such deals worth a combined £58m, down from six deals worth £980m in H2 2014 and the lowest level in terms of both dealflow and aggregate value since H1 2009.

Company
Founded in 2014, Edinburgh-headquartered Cognitive Geology is a developer of data analysis software for use in the oil and gas space. Its Hutton product is designed to help geologists find, appraise and develop onshore and offshore oil and gas reserves. It plugs into existing software platforms and analyses data with the intention of reducing investment uncertainty related to subsurface oil reservoirs. The business has an additional subsidiary in Houston, Texas.

People
Maven Capital Partners – David Milroy (investment director).
Cognitive Geology – Luke Johnson (co-founder, CEO).

Advisers
Equity – Burness Paull (legal); Mazars (financial due diligence); Argyle Fenton (management due diligence).

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• Topics
• Expansion
• UK / Ireland
• Technology
• United Kingdom
• Maven Capital Partners
• Venture
• Oil & Gas
• Mazars