Sourcewater, Inc., a provider of oil-field water intelligence, closed a $7.2 million Series A share offering led by Bison Technologies, with major participation by Marubeni Corporation.
Joshua Adler, founding chief executive of Sourcewater, said, “For every barrel of oil produced in the Permian Basin, there are more than 10 barrels of associated water that are sourced, recycled, transported and disposed of. When America became the world’s leading energy producer last year, it also became the world’s leading water producer, times 10. Water management is now the majority of upstream energy production cost, and water sourcing, recycling and disposal capacity is the primary constraint on America’s energy future.
“Sourcewater has worked for over five years to become the trusted market intelligence provider at the center of the energy-water nexus. With this funding, we will continue to build the best data science and engineering team in Houston, develop the most timely, complete and accurate data gathering and analysis systems for upstream water and energy markets, and deliver even more value and insight to our customers.”
North Whipple, CEO of Bison Technologies, said, “Having built the top water midstream, infrastructure and logistics company in Oklahoma, we are well aware of the critical importance of accurate, timely and complete water-market data for our business and investment decisions. Sourcewater is without question the innovation leader in the oilfield water data space.”
Adler founded Sourcewater in 2014 after his fellowship in a Massachusetts Institute of Technology energyventures program. He relocated the company to Houston in 2016.