A Houston-based fracking intelligence and data company has closed an oversubscribed seed round of $6 million.
SynMax said Nov. 29 the round was oversubscribed by $2 million, with all of the investment coming from customers. The round was led by Bill Perkins, founder and managing partner at Houston-based Skylar Capital.
“I am very excited about SynMax and the problems they are solving,” Perkins said. “Their dedicated and skilled team has taken a unique approach and made the products that SynMax create 'essential intelligence' in both the energy and maritime awareness domains.”
SynMax uses artificial intelligence to create datasets on fracking activity and vessel movements, according to the company's website. In April, the company announced a partnership with San Francisco-based Earth-imaging company Planet Labs, allowing SynMax software to incorporate data from Planet Labs satellites.
SynMax will use the seed round to expand its team working on energy products, such as its Hyperion fracking data sets.
"I think the fact that our round was oversubscribed with 100% customer investors shows the high value of what we have created to those that know it best," SynMax Chief Technology Officer Eric Anderson told the Houston Business Journal.
SynMax, which is headquartered in downtown’s GreenStreet mixed-use development, launched its first suite of AI-assisted data in May 2022. The company’s maritime division is set to launch Theia, a maritime intelligence platform, in 2023. Anderson said Theia would be targeted for governments and businesses. He also noted that high-quality maritime intelligence was urgently needed.
SynMax has 17 employees globally, with seven in Houston, according to Anderson.
