Applied Computing, a London-based startup, has raised $20 million in a Series A funding round led by engineering giant KBR, with Databricks Ventures participating. The influx of capital brings the company's annual recurring revenue to double-digit millions, a notable achievement in under 18 months.
The funding will be used to scale Applied Computing's AI model for the oil and gas industry, Orbital, which combines a time series model, a physics-based model, and a language model to predict the state of a facility. According to the company, Orbital can flag anomalies, investigate what caused them, and model whether a proposed fix could create problems elsewhere in the facility, all within minutes.
Applied Computing's technology is already being used by some large, publicly listed upstream oil and gas, downstream refining and petrochemicals companies. The company has also opened an office in Houston, adding to its headquarters in London and operational hub in Bengaluru.
The partnership with KBR is significant, given the engineering giant's extensive experience in the oil and gas industry. Applied Computing is also working with a major U.S. upstream operator and plans to announce a partnership with a European oil major in the coming weeks.
The company's rapid growth and adoption by major oil and gas players have drawn comparisons to other industry leaders like Shell, which has invested heavily in digital transformation. However, Applied Computing's focus on AI and machine learning sets it apart from more traditional players like AspenTech, AVEVA, Cognite, Seeq, and Wipro.
While the valuation of Applied Computing after the $20 million Series A remains unclear, the company's momentum is undeniable. With a growing customer base and increasing adoption of its technology, Applied Computing is poised to become a major player in the oil and gas industry's digital transformation.
Applied Computing's success has also been fueled by its ability to integrate with existing systems, such as INSITE 3.0, a digital twin platform developed by KBR. This integration has allowed the company to provide a more comprehensive view of facility operations, enabling operators to make data-driven decisions.
The integration with INSITE 3.0 has been particularly beneficial, as it has enabled Applied Computing to offer a more comprehensive view of facility operations. This, in turn, has allowed operators to make more informed decisions.
As the oil and gas industry continues to grapple with the challenges of digital transformation, Applied Computing's AI model for the entire plant is poised to become an essential tool for operators. With its rapid growth, increasing adoption, and strategic partnerships, the company is well-positioned to capitalize on the industry's shift towards more efficient and sustainable operations.
The company's technology has the potential to significantly improve operational efficiency and reduce costs for oil and gas companies. As the industry continues to evolve, Applied Computing is likely to play a key role in shaping its future.