Provides customers a fully self-service software platform for building machine learning models
AUSTIN, Texas, March 2, 2022] Novi Labs, the AI company for energy investing, announces the release of its Model EngineTM software. Novi Model Engine completes Novi’s energy-focused, machine-learning platform comprising Data Engine, Model Engine, and Forecast Engine. Novi’s software now provides an industry-first capability that allows operators and energy investors to leverage AI-driven digital workflows to make higher-quality investment decisions with a fully integrated data to decision workflow.
Novi Model EngineTM allows users to:
- Integrate proprietary and public data sources.
- Select model features.
- Configure model parameters such as targets, training intervals, etc.
- Build the machine-learning model using Novi’s cloud compute.
- Review model outputs to evaluate & validate the model.
- Publish models to be used for a wide range of forecasting workflows.
“Customers can now control every aspect of building machine learning models to increase their productivity. From merging proprietary and public data, filtering data sets, building a model with the variables they believe provide the most signal to running thousands of forecasts. Leveraging a fully self-service platform allows our customers to complete data to decision workflows in a matter of minutes or hours versus weeks and months,” said Ted Cross, Director of Product at Novi Labs.
Novi’s AI platform replaces the current outdated methods for A&D evaluation, asset optimization, and energy investment analysis. The platform is powered by data sourced through the acquisition of ShaleProfile’s announcement on January 19. The combination of ML models and ShaleProfile data allows Novi to offer self-service software, machine learning, and interactive models built on the most accurate, timely, and complete data.
“We have utilized the Novi technology over the past few years to rapidly analyze acquisition opportunities and optimize our drilling program,” said Ian Yingling, CEO of Black Swan Oil & Gas. “Novi’s software & data platform has allowed our team to exponentially increase our efficiency and make higher-quality capital allocation decisions. We look forward to utilizing Novi’s Model Engine and self-service platform to increase the value of our Novi investment.”
Novi Labs, Inc. (“Novi”) is the leading developer of artificial intelligence-driven business applications that help the oil & gas industry optimize the economic value of drilling programs. Leveraging cutting-edge data science, Novi delivers intuitive analytics that simplifies complex decisions with actionable data and insights needed to optimize capital allocation. Novi was founded in 2014 and is headquartered in Austin, TX. For more information, please visit https://www.novilabs.com.
Mohamed El Hannaoui
Novi’s production data now includes proprietary, well-level data
We are excited to announce the improvement in production allocation within the Novi Insight Engine product. Operators and minerals companies have given Novi the license …
Novi Attends NAPE 2023!
Exciting news! We are proud to be a part of this year’s NAPE event. Not only is it a great opportunity for networking and making …
BEDROCK ENERGY PARTNERS SELECTS NOVI LABS
[AUSTIN, TX, June 15, 2022] — Novi Labs is pleased to announce that Bedrock Energy Partners has selected the Novi software and data platform …
News, trends and data for the US upstream industry
Novi Energy Newsletter
Sign up today for free and get a weekly email with news and insights on important developments in one or two of the major tight oil & gas basins.