CALGARY, AB (February 07, 2023) NGIF Cleantech Ventures (the Fund), a Canadian venture capital fund investing in cleantech innovation in the natural gas sector, today announced an equity investment in ARIX Technologies Inc. (ARIX). NGIF Cleantech Ventures invested in ARIX’s Series A financing round alongside lead investors Alley Robotics Ventures and Benson Capital Partners, existing investors Evok Innovations, Contour Ventures, and others.
Based in Houston, Texas, ARIX offers semi-autonomous robotic inspection and software analytics solutions to the oil and gas industry. The ARIX TITAN robot is the only pipe-crawling inspection tool on the market that can drive semi-autonomously on insulated vertical piping while traversing common field obstacles. ARIX’s proprietary robot, sensor and software package provides highly granular and continuous monitoring of pipeline corrosion.
This powerful analytics package allows customers to not only detect but also predict pipeline corrosion before a leak occurs. ARIX is set to transform the multibillion-dollar pipeline inspection business with a safer, faster and more cost-effective method that provides superior data accuracy and interpretation.
Image: ARIX’ PEC Inspection
“We are really impressed by the technology, management team, and clear product-market fit of ARIX. Preventing and detecting pipeline corrosion is a key focus area for our industry as operators actively pursue new opportunities to improve asset safety and environmental performance. We see significant potential for the ARIX system to help us with this important agenda,” said John Adams, NGIF Cleantech Ventures Managing Partner. “By choosing to pair a pipeline inspection robot with cutting-edge analytics software, ARIX is providing a turnkey solution for participants across the natural gas value chain.”
“We see tremendous value in working with NGIF Cleantech Ventures as a strategic partner. Both of our organizations have a clearly defined goal to reduce emissions, and we are excited to partner with John and the team at NGIF to work towards our common goal,” said Dianna Liu, ARIX President and Founder. “This investment from NGIF Cleantech Ventures will allow us to continue ramping up our commercial rollout strategy and really focus on reaching new customers and increasing our market share in the Canadian inspection industry.”
“Pipeline inspections are key to ensuring that natural gas can be extracted, processed, and transported safely and with minimal environmental impact across Canada. Investments in cutting-edge companies such as ARIX are an important part of the ongoing effort to improve our ability to perform inspections to the highest standards, and I am really pleased to see NGIF support such innovative solutions,” said Timothy M. Egan, President and CEO of the Canadian Gas Association (CGA).
About NGIF Cleantech Ventures
NGIF Cleantech Ventures is a $55 million industry-led venture capital fund that makes equity investments in early-stage startups. The objective of the Fund is to grow cutting-edge clean technology companies into commercial-scale enterprises. The Fund primarily invests in companies that provide solutions that lead to emissions reductions and other environmental benefits. These solutions are typically focused on existing natural gas production, transmission, distribution, storage, and end-use applications, as well as increased production of renewable natural gas and hydrogen. For more information, please visit ngif.ca/cleantechventures.
ARIX Technologies is an integrated robotics and data analytics company that delivers inspection services through innovative robotics platforms. ARIX develops, deploys, and operates robots for pipe corrosion detection and management for the petrochemicals industry and has a wide potential range of use cases across other markets. ARIX’s intent is to lower costs, enhance data, and improve safety for their customers through deploying its current fleet of robots to add immediate value while continuing to innovate to meet customer needs. For more information, please visit arix-tech.com
President and CEO, NGIF Capital Corporation
Managing Partner, NGIF Cleantech Ventures
President and Founder
Communications Coordinator, NGIF Capital Corporation