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Boulder-based Vesmir plans to use the funds to market its cloud-based software to oil and gas companies around the world.
Petro DE stands for Petroleum Decision Engine, a software system that analyzes production data from wells using maps and charts from Google Earth and a shared-map feature.
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“As worldwide energy demand continues to increase, the petroleum industry needs a better way to deliver new opportunities for development,´ said Alan Lindsey, chief executive of PetroDE, “This collaborative tool is proving to be essential to our clients.”
Catamount Ventures LLC in San Francisco, Gaba Enterprises LLC in Greenwell Springs, Louisiana, and JES Inc. in San Antonio, Texas, led the funding round. Vesmir has eight employees, according to the company website.
Clients of the PetroDE software system can enter an oil or gas formation or an operator name of any location in the world, and the software generates a suite of analytical information, according to a press statement. The company bills the information generated as something that can be used to quantify activity and productivity of oil and gas wells around the globe.