Leak-detection company mIQroTech joined the Chevron Technology Ventures (CTV) Catalyst Program to improve development of their smart sensors and artificial intelligence technology.
Launched in 2017, the CTV Catalyst Program aims to accelerate the maturation of early-stage companies that have technology beneficial to the energy industry, including “smart” oilfield equipment, advanced materials, water technology, and IT software/hardware.
Candidate companies in the program are expected to be beyond seed stage with plans to raise additional venture capital. mIQroTech has raised investments from Plug and Play, Ocean Capital, Republic, and Harvard Business School Alumni Angels. The company also raised $164,145 through an e-campaigning forum in 2018.
The technology applies artificial intelligence and internet of things (IoT) technology to predict pipeline leaksin real time which makes it possible to create cleaner, safer, cost-effective pipeline monitoring and maintenance systems for the 2.6 million miles of pipeline in the US.
“Our goal is to deliver a transformative change to the global oil and gas industry,” said mIQroTech CEO Meade Lewis. “Better data, analytics, and intelligence will add efficiencies to pipeline operations and empower more informed and faster decision-making.”
Lewis added the company has grown substantially this year despite the crash in oil prices and the COVID-19 pandemic. Since first deploying its technology in 2017, the company has continuously revised its devices to reach full wireless capabilities, which has been in high demand this year.
“When we look at the industry, COVID-19 has supported our technology with the push to working remote,” Lewis said. “But I think at the beginning of the year, the cost (of our technology) helped our product.”
Lewis added the lack of crude oil storage capacity earlier in the year also prompted demand for the technology as the oil and gas industry began using pipelines as an alternative means of storage.
In addition to its US operations, mIQroTech’s leak-detection technology is deployed in Chile, with plans to expand into Nigeria and Saudi Arabia. By 2021, the company expects to deliver 2 billion data points per day.