A provider of methane software and data analytics solutions for the oil and gas sector has received investment from BDC Capital’s new $150 million Sustainability Venture Fund.
Calgary-based Arolytics, which earlier this year secured $400,000 in funding from the Government of Canada through Sustainable Development Technology Canada, is the inaugural investment in BDC’s new fund.
The fund is dedicated to investing in businesses developing technologies that will support Canada and the world to meet sustainability and climate targets, according to a statement from BDC Capital.
“We are thrilled to welcome BDC as the lead investor in our Seed financing round. BDC was of particular interest due to the funds’ alignment with our vision and mission in addition to the network, strategic, and advisory resources that we will be able to leverage beyond capital,” the chief executive of Arolytics, Liz O’Connell, said.
“We look forward to entering our next phase of growth alongside these partners,” she added.
This investment will enable Arolytics to accelerate development and deployment of its integrated methane management software, AroViz, and forecasting model, AroFEMP, according to a statement from the Alberta startup—products designed to address environmental challenges for the energy industry.
Additional investment was attracted from Accelerate Fund III managed by Yaletown Partners, Metiquity Ventures, StartupTNT, and a strategic investor.
Arolytics was founded in 2018 by a team of experts who applied years of research—the founding team has published over a dozen peer-reviewed publications on energy sector emissions—to provide a state-of-the-art platform to allow energy companies to gain insights into methane measurement data, leading to faster reductions at lower costs.
‘’Effective methane emissions management is critical to meeting Canada’s net-zero emissions target,” stated Anamika Mukherjee, a partner of the Sustainability Venture Fund. ‘’We are thrilled to support Arolytics in its mission to provide methane emitters with a comprehensive platform to substantially improve the accuracy and forecasting of their emissions data— and help them build ambitious and impactful management strategies.’’
Including recently secured government grants awarded from federal and provincial organizations, the total capital raised by Arolytics now exceeds $3.5M.
The capital will enable Arolytics to scale with a focus on continued product innovation, U.S. market entry, and team expansion.
Since Arolytics’ previous fundraise, the company says its team has more than tripled in size.