Corva Announces Funding Round
March 14, 2017
Corva announces the closing of a key funding round from Houston-based investors led by Dharmesh Mehta.
Corva’s mission will be enhanced by the investment team’s wealth and diversity of industry experience. Most recently, Dharmesh Mehta served as Chief Operating Officer and EVP, Strategy of Weatherford International. This funding follows a previous investment in Corva by Unconventional Capital.
“My partners and I are extremely excited to be investing in Corva,” says Dharmesh Mehta. “We believe in the team and are firmly committed to supporting Corva’s advanced technology which will unlock tremendous value for energy companies of all sizes. We are particularly excited about the solutions for drilling longer and higher quality lateral wells. We are very optimistic about the future.”
The proceeds will be used to expand operations in the US adding senior subject matter experts, drilling analysts, software engineers, and a 24/7 monitoring center. In the pursuit of greater efficiency, Corva utilizes smart software and artificial intelligence to extract new efficiency from existing drilling rigs. Corva maintains that oil companies of the future will become data companies, and only with great tools and platforms will they find the trends to exploit greater savings. The rig of the future is built upon a software platform capable of real-time analytics, engineering, and historical well comparisons — the pillars of Corva’s offering.
Corva will also offer turn-key drilling optimization solutions geared at operators looking to drill longer and faster laterals, where Corva has a suite of tools to help hit the payzone, increase efficiency, and reduce critical hole problems.