BP Ventures invests in artificial intelligence for oil and gas
Beyond Limits, an artificial intelligence (AI) and cognitive computing company, announced it has secured $20 million in Series B funding from BP Ventures, the corporate investment arm of BP.
The investment will accelerate the delivery of industrial-grade AI software, previously used in deep space exploration missions, to combine human knowledge with machine learning and provide the energy sector with new levels of operational insight, business optimization and process automation across all operations.
Beyond Limits was launched in 2012 to commercialize cutting-edge IP developed by the team after over 20 years supporting NASA and the space program.
Meghan Sharp, Managing Director BP Ventures – Americas, will join the Beyond Limits board.
“BP Ventures is excited to help Beyond Limits grow into new verticals, as we bring forward the pioneering work they have developed with the space program to our industry and throughout our businesses,” Ms Sharp commented. “Our investment in Beyond Limits is an example of BP’s ongoing support of entrepreneurs and innovators, not only inside the traditional world of oil and gas but those looking toward a new energy future.”
The BP – Beyond Limits partnership could enable a step-change in the way BP locates and develops reservoirs, produces and refines crude oil and markets and supplies refined products. Beyond Limits will bring its expertise to the world of oil and gas where its AI software could support improvements in the speed and quality of decision making, manage operational risks and harness the collective knowledge and experience of its team.
“Our goal is to create automated solutions that can think like humans and augment human capability,” AJ Abdallat, CEO of Beyond Limits, said. “We are the AI company that provides solutions for problems that cannot be solved using traditional approaches.”
“Our strategic cooperation with Beyond Limits is a perfect fit with BP’s vision of using digital technology to help transform our organization,” Morag Watson, Chief Digital Innovation Officer at BP, said. “We believe artificial intelligence will be one of the most critical digital technologies to drive new levels of performance across the industry.”