PrePad, a Calgary-based tech innovator, has raised $3.9 million in seed funding to expand its cloud-based software solutions for drilling and completions. The company has been named one of Calgary.tech’s startups to watch this year.
PrePad’s platform optimizes capital lifecycle management and execution strategies, providing a transformative approach for the energy sector. This new funding will help PrePad accelerate growth and deepen its U.S. market presence, where the company is gaining significant traction.
“Completing this funding round is a major milestone for PrePad as we establish a new market category for drilling and completions software,” said Sean Hervo, Co-Founder and CEO of PrePad. “With this capital, we have the resources to enhance our product development and expand our sales and customer success teams, which will allow us to meet growing demand from energy companies worldwide.”
PrePad’s innovative business model leverages a cloud-based platform designed to help energy companies optimize well manufacturing economics by quantifying the interdependencies between cost, time, and production. The company’s completions cost and time simulation model, which is the first of its kind in the industry, offers unparalleled insights into project economics, helping clients make better, data-driven decisions.
The seed funding comes from key industry players, including Devon Energy as the strategic lead investor, alongside angel investors such as Deane Stewart and Dan Magyar, former executives at 3esi-Enersight (now Aucerna). Non-dilutive funding was provided by Alberta Innovates, Chevron Technology Ventures, and the Business Development Bank of Canada (BDC), among others.
PrePad’s platform is already being used by top energy companies, including Chevron, Devon Energy, Shell Canada, and Birchcliff Energy. With numerous subscription orders set to roll out in 2025, PrePad expects to solidify its first-mover advantage in this emerging market space.
Brandon Eidson, Co-Founder, President, and Chief Product Officer, shared: “Almost daily, we hear from clients about how PrePad has helped streamline workflows, optimize designs, and resolve debates. Our goal is to deliver value-maximizing solutions that meet the evolving challenges of the energy industry.”
PrePad has garnered industry attention and was named Disruptive Digital Innovator at the 2024 Global Energy Show Canada.
The company’s inclusion in the Chevron Technology Ventures’ Catalyst Program and its recent co-presentation at the SPE Hydraulic Fracturing Technology Conference underscore PrePad’s growing influence in the energy tech sector. As PrePad continues to innovate, it’s clear that Calgary is at the heart of a new wave of energy tech solutions.
As Calgary’s energy tech sector continues to expand, PrePad’s role will be closely watched as it further develops its product and looks to expand its footprint in the broader industry.
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