Amplified Industries (formerly Acoustic Wells), a pioneering industrial Internet of Things (IoT) solution, announced its official launch from stealth with an in-market solution and $10 million in funding.
Amplified Industries is transforming the field, replacing aging and labor-intensive tools with an affordable and comprehensive automation solution that enables operators to monitor and control equipment remotely through a smartphone or desktop. Developed with simplicity and usability at its core, the solution ensures complete visibility into operations, ultimately creating a smarter and cleaner oil field.
The solution is proven in the market with over 4,000 devices deployed across six US states, with results improving overall profitability by more than 15 percent while eliminating hundreds of thousands of gallons of spills and maximizing asset life. The full-field automation and monitoring system provides data detecting mechanical issues and leak prevention, including an automatic emergency shut-off for pump failures.
The Amplified Industries solution can track surface and downhole issues on wells, tanks and valves to prevent leaks by using powerful cloud-based AI and processing coupled with miniaturized scalable hardware augmented by proprietary algorithms. This enables safe remote operations and, ultimately, increases production. The solution encompasses emissions intelligence, allowing operators to close the loop between production and emissions.
In 2020, Amplified Industries raised a pre-seed round and most recently a seed round led by Schooner Capital, a private investment firm founded in 1971 with a permanent capital base. Additional investment was provided by CEAS, a venture firm renowned for its investments in leading technology companies. The funding will enable Amplified Industries to expand its business operations and empower heavy industry and energy operators at scale.
Courtesy of Amplified Industries.