Ingu Solutions raises capital to accelerate global growth
CALGARY, AB (November 4, 2019) Ingu Solutions (INGU), a Calgary-based technology company whose Pipers® are disrupting the pipeline inspection industry, today announced it raised growth capital from Energy Innovation Capital and Chevron Technology Ventures. The funding round will enable INGU to grow its team, scale its data collection platform and analysis, and expand its global presence.
“Pipers® provide the oil and gas industry invaluable insights in their pipeline assets leading to increased performance and safety while reducing costs. We’re excited to support INGU in scaling the business globally,” said George Coyle, Managing Partner at Energy Innovation Capital. Ben Abadi, a Managing Director at Energy Innovation Capital, joined the INGU board of directors in connection with the transaction.
Launched in 2018, INGU’s Pipers® technology is a pipeline screening tool that detects leaks, geometric defects, magnetic anomalies, and deposits. The unique self-service business model reduces inspection costs while strengthening preventive maintenance. INGU enables integrity assessment in unpiggable pipelines, while disrupting alternatives costing an order of magnitude more in other pipelines.
“We went from trials to commercial release in 18 months, and not even two years later, we have screened well over 100 operational pipelines for more than 30 operators. Our clients are excited and are already starting to integrate Pipers® into their integrity programs,” said John van Pol, CEO of INGU. “We’re fortunate that our investors share our vision for the future, bringing with them a strategic network and industry expertise to help us deliver results and scale fast enough to meet market demand.”
INGU has received global recognition throughout the years. In 2019 INGU was recognized as an Innovation Pioneer by CERAWeek, selected by Forbes as one of the 19 Innovative Tech Startups To Watch (out of 3,000 worldwide), and named “Best in Show” at the SPE Startup Village. INGU was also among the first companies participating in Chevron’s Catalyst program which it completed successfully in 2019. The Catalyst Program was started by Chevron Technology Ventures to accelerate the development of early-stage companies working on technologies that can directly benefit the energy industry.
About Ingu Solutions: Ingu Solutions’ Pipers® technology provides oil and gas companies with immediate and affordable access to pipeline assets even in the most challenging conditions. This revolutionary technology uses miniaturized inline sensors to detect leaks, geometric defects, magnetic anomalies, and deposits that threaten pipeline performance and safety with zero-downtime. Pipers® eliminate the need for human intervention, reducing inspection costs, and strengthening preventive maintenance.
About Energy Innovation Capital: Energy Innovation Capital is the premier capital provider for innovators serving the energy industry. EIC provides early and growth-stage funding for visionary entrepreneurs tackling global energy challenges with transformative, market-leading solutions. EIC’s team leverages our industry expertise, networks and collaborative approach to help talented entrepreneurs push the boundaries of what’s possible and build great companies. www.energyinnovationcapital.com
About Chevron Technology Ventures: Formed in 1999, Chevron Technology Ventures (CTV), operating as a division of Chevron U.S.A. Inc., pursues new business solutions and externally-developed technologies that have the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy. CTV fosters innovation, supporting vibrant startup ecosystems and championing technology integration internally. Through its investment portfolio and internal use pipeline that trials technologies for use within Chevron, CTV has supported a wide range of pioneering companies that are helping to shape the future of energy.