Novi Labs (Novi) announces its participation in the Unconventional Resources Technology Conference (URTeC), being held next week in Denver, Colorado. The technology startup will be showcasing the latest release of its cloud-based machine learning driven well planning software in booth #1438.
In addition, Novi’s founder and president Jon Ludwig will join other industry thought leaders in a panel discussion on July 24th titled “Next Technology Frontier in Unconventionals: What’s Needed Versus What’s in Development” where he will provide his perspective on driving unconventional development costs down while enhancing well performance through leveraging machine learning driven well optimization software.
“Novi was founded to bring state-of-the-art data analysis and machine learning to bear on the unique workflows of shale development,” said Scott Sherwood, CEO of Novi. “Nowhere is our vision for smarter, AI-optimized well planning better showcased than the industry’s foremost event for unconventional technology and thought leadership,” he added.
Novi’s well planning technology leverages highly scalable machine learning algorithms, and a wide variety of economic inputs to automate predictions for individual wells. This gives well planning and engineering teams unprecedented capabilities to model capital allocation and select the ideal parameters that produce optimal production and cost performance including spacing, target formations, fluids, proppant, etc. Importantly, the technology enables producers to tailor individual well design, optimizing material usage and economic returns for every well drilled. Novi recently announced the closing of a $7M series A funding round to scale the company and expand its product offerings.