Calgary-based software firm CruxOCM, which automates operations in energy sector control rooms, has secured £15.5 million in Series A funding, led by Microsoft's venture capital arm, M12. The investment round also saw participation from several new investors, including natural gas company Oneok, Raven Indigenous Capital Partners, and EIC Rose Rock Fund. Existing investors Angular Ventures, Bullpen Capital, Root Ventures, Industry Ventures, Cendana Capital, Pipeline Capital Partners, and Golden Ventures also participated in the round.
This latest funding brings CruxOCM's total capital raised to date to £25 million. The company plans to use the investment to expand its "co-pilot" offering, which automates tasks in control rooms across the energy sector.
"M12 is excited to support CruxOCM's mission to equip energy industry control room operators with advanced tools," said Michelle Gonzalez, Corporate Vice President and Global Head of M12, in a statement. "Their innovative technology is poised to disrupt the energy sector, enhancing efficiency and safety by providing operators with co-pilot capabilities."
Founded in 2017 by Vicki Knott, a former control room operator for the Keystone Pipeline, and CTO Roger Shirt, CruxOCM's software aims to simplify operations in oil and gas company control rooms. The company's robotic industrial process automation (RIPA) software, dubbed a "co-pilot", automates tasks such as starting and stopping pumps, maintaining consistent flow, and monitoring pipeline conditions.
In 2021, CruxOCM raised £5.5 million in a "seed plus" round to support product development and expansion efforts. Earlier this year, the startup also received a "significant investment" from Emissions Reduction Alberta (ERA) to develop two software solutions designed to optimize energy usage in oil and gas pipeline operations.
CruxOCM's latest funding round underscores the increasing focus on automation and innovation within the energy sector. The company's technology has the potential to significantly improve efficiency and safety in control rooms, ultimately contributing to a more sustainable and reliable energy industry.
