Innovation Nation: How technology is taking the guesswork out of pricing crude oil innovationnation
Canada has a rich history of innovation, but in the next few decades, powerful technological forces will transform the global economy. Large multinational companies have jumped out to a headstart in the race to succeed, and Canada runs the risk of falling behind. At stake is nothing less than our prosperity and economic well-being. The Financial Post set out explore what is needed for businesses to flourish and grow. You can find all of our coverage here.
At that stage, Validere Technologies, as the two named their fledgling company, had just graduated from Silicon Valley’s prestigious Y Combinator seed accelerator, in the summer of 2016. Validere’s technology works in two stages. Validere 360 is a testing product, sold on a software as a service model. Alpha takes that data and uses artificial intelligence to suggest what to do with the oil once the information is known. “Whereas 360 is all about producing useful crude oil quality data through internet connected testing devices in the field, Alpha is about how to use that information over time, in the most optimal way, using our proprietary predictive AI engine,” Burgess said.
It was then that Burgess, who by age 24 had already graduated from Harvard with a PhD in Applied Physics, was first exposed to crude oil quality testing. It was also where the first of many iterations for Validere’s underlying technology was born. “After a while I started to realize there was a big problem in the oil and gas industry,” Burgess said.
Here they met Canadian tech investor T. Chen Fong. “From pretty well the moment we met Chen, he has been an invaluable adviser to us, and was one of our first significant investors,” said Ahmad, a former investment banker who immigrated as a child with his family to Canada. Ahmad and Burgess’s focus for the past several years has been to iterate Validere’s underlying technology, listen to the needs of their customers, and prime for scalability. “Now we’re at the stage where we can focus on growth rather than survival and build out the business,” Ahmad said.
“It is hugely important that the variability of crude oil stream characteristics is as well understood as possible,” said Tony Mate, a twenty-five-year veteran of Canada’s energy business with experience spanning finance, accounting, communications, and trading.
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