Houston’s Sourcewater, Inc., the leading provider of oilfield water intelligence, closed a $7.2 million Series A share offering led by Oklahoma City-based Bison Technologies, with major participation by Marubeni Corporation, the U.S. arm of the Japanese investment conglomerate.
Bison and Marubeni were the biggest buyers in the stock offering.
Joshua Adler, Founding Chief Executive of Sourcewater, said, “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.
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, and we are excited to support their growth with our strategic capital, expertise and relationships.”
Sourcewater gathers data from its online water marketplace, proprietary satellite imagery analytics, hundreds of government databases, market research, and IoT sensors to generate holistic, geospatial insights into oilfield water markets.
The company recently launched a service that uses satellite images to track the appearance of new drilling and hydraulic fracturing sites in the Permian Basin of West Texas, the nation’s largest and busiest oil field.