Oil and Gas software firm scores $20M

PCBT

Writer Erika Martin covers Seven Lakes’ Series A funding in her article about how the company will work with their new investor and how they optimize operations at oil and gas companies using data driven analytics, will work with their new investor.

“While the oil market remains in a slump, a Westlake Village-based startup that provides software to the industry pumped up its resources with the closure of a $20 million Series A financing round. Founded in 2009, Seven Lakes Technologies develops plug-and-play software that optimizes operations at oil and gas companies using data driven analytics. The round was funded entirely by Carrick Capital Partners, a (Newport Beach and) San Francisco-based investment firm that partners with technology backed service companies.”

“As part of the Carrick deal, two of the fund’s executives, Jim Madden and Steve Unterberger, were added to Seven Lakes’ board of directors. Kamdar said Seven Lakes chose to partner with Carrick because of the firm’s extensive experience with similar startups and in the oil and gas industry. ‘They also seemed most willing to mentor and work with us and understand the value that we bring to the industry,’ Kamdar said. ‘They have the expertise of how to make a service company and make it a true products company, making something that’s modular and standard enough to work anywhere but can be customized for specific customers’ needs. Madden and Unterberger will occupy somewhat of a mentorship role, he said, and will be able to help the company ‘pivot around where the prices are’ for oil barrels.”

 

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