A Houston-based data platform provider that serves the energy industry landed funding from a technology-focused private equity firm.
Detechtion Technologies received an undisclosed funding amount from the Atlanta-based firm Resurgens Technology Partner. The investment comes out of Resurgens’ $500 million second fund, according to a news release.
Detechtion offers services including asset monitoring and management, emissions output tracking and remote communication with field operations.
“Resurgens’ hands-on approach, expertise in product expansion, and track-record of scaling vertical software businesses made them the right partner for us in this next chapter of Detechtion’s growth,” Detechtion CEO Chris Smith said in a statement. “Detechtion has been at the leading edge of oilfield digitalization, and we see a breadth of opportunities to serve our customers more holistically.”
Detechtion’s Houston headquarters are located in 8 Greenway Plaza, a 15-floor tower on Parkway Properties’ Greenway Plaza campus. Detechtion signed a lease in January 2019 as part of Parkway’s efforts to attract younger, tech-focused companies to the campus.
According to the company’s Crunchbase profile, this is Detechtion’s first documented funding round since 2013, when Pennsylvania-based Element Partners led a round that raised an undisclosed amount.
Resurgens closed its $500 million fund in September 2022, the Atlanta Business Chronicle previously reported. The firm, which also has offices in Austin and Silicon Valley, is targeting North American and European investments in application software and IT infrastructure.
The Detechtion investment follows other news from several energy data companies that have taken advantage of investment to move or expand in the Houston area. Upwing Energy, headquartered in Cerritos, California, opened a Houston office at 26077 Nelson Way in Katy following a $22 million funding round. Upwing officials said the move brought the company closer to the natural gas wells where its technology is deployed.
Meanwhile, research into energy data is going global thanks to a partnership between the University of Houston and the government of India. On July 7, the University of Houston – Directorate General for Hydrocarbon Center for Hydrocarbon Exploration opened at the university as a way for data on India’s reservoir basins and oil fields to be interpreted by UH researchers. The center will also encourage Houston-area energy players to look to India for future investment opportunities.
