Amplified Industries emerges from stealth mode with $10 M backing
Amplified Industries, formerly Acoustic Wells, has stepped out of stealth mode to unveil its market-ready industrial Internet of Things (IoT) solution. This milestone was marked by a financial boost of $10 million in funding.
Amplified Industries offers an IoT solution for onshore asset operators, providing real-time operations data and control. According to the company, its technology leads to cost reduction, emissions reduction and increased production.
Founded in 2019 at MIT, the company aims to change the industry with an affordable, user-friendly automation solution. Operators can monitor and control equipment remotely for visibility and a more intelligent, cleaner oil field.
According to the company, over 4,000 devices have been deployed across six US states, and the solution improves profitability by over 15% and eliminates spills. The automated system detects issues, prevents leaks, and includes an automatic emergency shut-off for pump failures.
“Our recent funding propels us towards our vision of building a full-control industrial platform for an optimized and cleaner oil field,” says Sebastien Mannai, the co-founder and CEO of Amplified Industries.
The Amplified Industries solution leverages cloud-based AI, miniaturized scalable hardware, and proprietary algorithms to track and prevent leaks in wells, tanks and valves. This feature facilitates secure remote operations while enhancing production, the company claims.
According to Bill Severns, founder of the Energy Consulting Group, the industry has pursued the idea of a digital oil field for more than two decades, but its widespread adoption has faced challenges.
Amplified Industries’ solution represents a significant milestone in democratizing high-resolution, real-time data and advanced AI technology and empowers operators of all scales and budgets to leverage these cutting-edge capabilities, Severns adds.
Amplified Industries also secured pre-seed and seed funding rounds led by Schooner Capital and supported by CEAS.
Alexandra Manick, principal at Schooner Capital, expresses excitement about partnering with Amplified Industries. She believes Amplified Industries is addressing a crucial challenge in the energy industry and has a compelling vision for the future of automation solutions.
“We’re thrilled to partner with their leadership as they disrupt this space and enable a technological transformation to create a cleaner oil field,” Manick adds.
The solution has garnered recognition, including awards like ASU Innovation Open, Forbes’ 30 under 30 in Energy, MIT 100K start-up competition and Cleantech Open Northeast.
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