A Sydney startup using robotics to assess critical infrastructure in the oil and gas industry globally has raised $15 million after doubling revenue over the past two years.
Abyss Solutions previously raised $3.25 million in December 2020, with AirTree once again leading the latest investment, supported by Australian Retirement Trust.
Cofounded in 2014 by four Sydney University engineers, the scale-up counts BP, Exxon, Chevron, Total and Scottish Water among its clients and has built the business in the Middle East, South America and Europe within the energy sector.
The company combines robotics and artificial intelligence to automate risky and repetitive work in infrastructure inspections. They’re focused on leading the transition to autonomous oilfields by developing technologies to help energy companies reduce risk and operating expenditure by digitalising and eventually unmanning their platforms and plants.
Its anomaly detection software for top-side maintenance, Abyss Fabric, provides clients with comprehensive analytics of every inch of their asset base, delivering unprecedented asset management and decision-making capabilities. One example involved detected corrosion on a gas pipeline that saved the client $25 million in a potential unplanned shutdown.