Silicon Valleys startup Tachyus lands $6M in funding to optimize oil and gas production

April 11
7:22 AM 2014

Tachyus wants to optimize oil and gas production through data collection and analysis. The startup has just closed a $6-million venture round to kickoff that mission, according to VentureBeat.

Founders Fund was the lead investor in the funding. Streamlined Ventures and Formation 8 also contributed to the round, the report said. The New York Times added that the startup plans to use the new capital to expand its workforce to 30 to 40 people in the next couple of years.

Co-founder Dakin Sloss said: "If you care about energy, you should care about oil and gas. If you can do something to make oil and gas more efficient and more safe, that will have a fundamental impact."

Established by Sloss, Francisco Leport, and Paul Orland, Tachyus came up with a technology that uses data collection and analysis to improve the production processes of oil and gas companies. It is also working on production monitoring using mobile apps. As of now, the startup's products are lined up for testing by its prospective clients, The New York Times reported.

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