Vortexa, the energy intelligence provider that uses Artificial Intelligence to analyse real-time, global trade flows for crude and refined products at an unprecedented scale, has recently announced it has raised $5 million in Series A funding.
The round was led by Notion Capital with participation from Mosaic Ventures. This takes the total amount raised by the business to $10 million, which the startup plans to use to continue its global expansion and scale its proprietary AI technology that provides real-time energy trading intelligence.
In energy markets today there remains a massive information gap – access to trusted energy data is limited and not available in real-time on a worldwide scale. Physical traders, who make decisions based on market information available to them at a given point in time, benefit from higher completeness, quality and timeliness of data.
“In an increasingly fast-moving energy market characterised by intense competition, profit margins are defined by the information edge,” said Fabio Kuhn, Founder and CEO of Vortexa. “We combine proprietary technology and market expertise to provide our clients with actionable insights before anyone else.”
Vortexa builds its machine learning models using extensive domain expertise and through access to datasets provided by respected industry partners. The feedback loop between Vortexa’s powerful models and market participants continuously develops the company’s competitive advantage. The company’s offering is informed by multiple sources including satellite, transactional and reference data – which are interpreted by artificial intelligence algorithms and analysts at a rapid pace.
Vortexa was founded by Fabio Kuhn, former Head of Trading Technology and Analytics at BP, who serves as CEO, and Etienne Amic, former Head of European Energy at JP Morgan and Mercuria, who acts as Chairman. In fact, Vortexa is a fast-growing team of 30 consisting of the very best data scientists, engineers and energy analysts in the industry. They are headquartered in London, have recently opened an office in Singapore and will open in Houston in 2019.
Patrick Norris of Notion Capital, who has joined the Vortexa board commented:
The Vortexa team has developed cutting-edge tools for the energy industry by making full use of recent technological advancements – this includes increased availability of satellite data, cloud computing, and AI. They have already transformed the way the sector collects and analyses information.
Toby Coppel, Co-Founder and Partner at Mosaic Ventures said:
Mosaic loves to back founders building machine-learning applications that give superpowers to their customers – Vortexa has the potential to revolutionise how energy is traded, providing unmatched transparency into the flow of energy globally and enabling the market to operate more efficiently than ever before.
The traditional methods of information gathering and sharing are no longer fit for purpose in today’s complex marketplace,” said Etienne Amic, former Head of European Energy at JP Morgan and Mercuria, who acts as Chairman. “Only the combination of human expertise and artificial intelligence will ensure players stay ahead – those using the platform are seeing a significant advantage in energy markets.
Stay tuned to Silicon Canals for more updates in the tech startup world.