Oilfield water intelligence provider Sourcewater Inc. closed a $7.2 million series A share offering led by energy companies, according to a Sept. 3 news release from the company.
The share offering was led by Bison Companies subsidiary Bison Technologies, with participation from Marubeni Corp. and energy industry family offices in Houston; Midland, Texas; Dallas; and Oklahoma City.
The funding will be used to build a data science and engineering team in Houston and develop data gathering and analysis systems for upstream water and energy markets, Sourcewater's founding CEO, Joshua Adler, said.
A $20 billion annual market is developing out of the need to dispose of the massive amounts of "dirty," or "produced," water that comes from the production of shale oil and gas, Raymond James analysts said in July.
