BP invests to boost up BP’s AI and digital capabilities
04 February 2019
BP Ventures has invested USD 5M in Belmont Technology’s Series A financing to further bolster BP’s artificial intelligence (AI) and digital capabilities in its Upstream business.
The investment supports BP’s ongoing work exploring opportunities to apply machine learning and cognitive computing in its global oil and gas business.
Aimed at accelerating project lifecycles, from exploration through to reservoir modelling, the technology is targeting a 90% time reduction in data collection, interpretation and simulation.
BP’s investment will enable Belmont Technology to expand its workforce, extend Sandy’s capabilities and accelerate the deployment of its product.
This investment follows BP’s previous deals in cognitive computing, including USD 20M in Series B funding in AI company Beyond Limits. That investment is helping deploy AI technology previously used in deep space exploration missions in offshore exploration, accelerating operational insight and process automation across operations. Belmont’s scalable knowledge-graphs can be interrogated by Beyond Limits’ technology for new insights.