CALGARY, AB (March 15, 2022) 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 the industry pioneering data and analytics Software-as-a-Service (SaaS) provider Validere Technologies Ltd. (Validere). Investing alongside NGIF Cleantech Ventures is lead investor Mercuria and a syndicate of established Silicon Valley venture capital funds including Wing Venture Capital and Greylock Partners.
Validere is making it possible for producers, midstream companies, and refineries to make better operational and trading decisions through accurate and timely product quality insights. It represents a step change in both industry-wide efficiency and environmental impact as it is helping companies minimize unnecessary shut-ins, system leaks, and overall emissions.
“Validere’s universal data layer is fast becoming the industry standard for ESG reporting,” said John Adams, NGIF Cleantech Ventures Managing Partner. “Validere’s digital footprint will be essential to not only detecting and preventing harmful emission leaks but also marketing responsibly sourced natural gas.”
The Company is building the first universal data layer for oil and gas. This data layer aggregates all available customer-provided data into a complete, accurate, and auditable repository that allows Validere’s customers to create a real-time digital fingerprint for each molecule that travels along the supply chain from producers to end-users.
“We are honoured to be chosen as the first AI company NGIF Cleantech Ventures is investing in,” said Nouman Ahmad, Validere co-founder and CEO. “This support is allowing us to accelerate our platform, creating efficiencies through technology and reduce emissions.”
“Canadians want and need the affordable, reliable, clean energy service offering they have come to expect from the natural gas industry. Investments in SaaS companies like Validere will lead to better information for consumers seeking to know the environmental attributes of the gas energy they are using – and be more confident of the value proposition of that energy,” said Timothy M. Egan, President and CEO of the Canadian Gas Association (CGA).
NGIF Cleantech Ventures is a $50 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
The first and only software that provides real-time visibility into the true composition (quality) of oil and gas, Validere’s insights and team of experts enable industry participants to identify operational efficiencies and the highest-margin marketing and supply decisions. Validere is transforming the world’s largest supply chain by making critical product quality data available, accessible, and actionable. Over 50 of North America’s leading energy companies rely on Validere’s insights to enhance operational and trading margins and reduce waste and emissions. The company has offices in Houston, Calgary, and Toronto.
Co-Founder & CEO
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NGIF Cleantech Ventures