News

Sharp Reflections GmbH Announces Investment from Statoil Technology Invest

STAVANGER, October 5th, 2017

– Sharp Reflections GmbH, a company providing lightning- fast seismic processing and data analysis software, today announced the closing of a Series A financing round with Statoil Technology Invest. The company will use the investment funds to aggressively expand sales and marketing activities worldwide, and accelerate development of its ultra-scalable cloud computing platform. Sharp Reflections has gained significant traction in the North Sea market since its inception in 2010, and is poised to grow its global market share.

“This investment by Statoil Technology Invest comes at a great time for Sharp Reflections, and will fuel our continued growth” said Bill Shea, co-founder and CEO. “To succeed in today’s low oil price environment, companies must extract more detailed information from their seismic datasets. We make modern software tools that do this, by exploiting the high-fidelity pre-stack signal. For a modest investment, any company can significantly increase the value of its existing seismic library”. In addition to the equity investment, Statoil is also engaging with Sharp Reflections to develop innovative workflows to quantify reservoir rock and fluid properties, direct from pre-stack seismic data.

“We have followed Sharp Reflections for some time and have been impressed by their capabilities. Following the equity investment, we now look forward to working with the team to achieve their ambitious goals and to contribute in commercializing the PS-Pro software in the market” said Kristin Aamodt, Managing Director of Statoil Technology Invest.

About Sharp Reflections
Sharp Reflections makes “Big Data” software solutions that help oil and gas companies extract rich reservoir information from pre-stack seismic datasets. Its Pre-Stack Pro software harnesses the power of parallel supercomputing to analyze huge high-dimensional data volumes with unrivalled speed and interactivity. Pre-Stack Pro integrates QC, processing, and interpretation in one streamlined workflow, to help asset teams make data-driven decisions in both conventional and unconventional reservoirs.
Users can identify and fix data problems at the source, and gain increased confidence in their seismic reservoir prediction results. Solutions scale from workstations to large clusters, and are now available as a cloud service. For more information, please visit http://sharpreflections.com/

About Statoil Technology Invest
Statoil Technology Invest (“STI”) invests in innovative companies, to help them develop and commercialize products and services which Statoil can use in its operations. It provides both equity funding to seed and venture stage companies, and also product development funding through its LOOP program. Statoil Technology Invest has an active portfolio with about 20 equity investments and 10 LOOP projects. For more information, please visit
https://www.statoil.com/en/how-and-why/statoil-technology-invest.html

For further information, please contact:

Bill Shea
+47 951 35 538
info@sharpreflections.com


Published on October 5, 2017