Halifax- and Calgary-based Arolytics, whose software helps oil and gas companies track their methane emissions, has raised $710,000 in equity financing, which the company says will help it to scale quickly.
The company issued a statement saying it won Startup TNT’s inaugural Calgary Investment Summit in November, and the prize included backing from a pool of Alberta investors. The company also received investment from Calgary based M-Tech Innovations and Metiquity Ventures, both of whom will have seats on the Arolytics board.
Arolytics also won a $25,000 investment as a winner of the Volta Cohort pitching competition in May 2019.
The creation of Arolytics in February of 2018 was inspired by impending legislation in Canada, Mexico and the United States requiring fossil fuel producers to track how much methane their properties release, and file reports with government.
The company’s clients usually hire third-party contractors to capture raw emissions with handheld scanners, satellite imagery or other techniques. They forward this data to Arolytics, which uploads it to the digital platform for collation and analysis. Future updates may also allow customers to input the data themselves.
“Between new regulations and rapidly increasing ESG pressure, emissions management is an increasing concern for the energy sector,” said the statement. “With over $1 billion in federal and provincial government funding committed to emissions reduction in 2020, Arolytics is positioned to be a market leader in helping oil and gas firms meet reduction targets.”