Arolytics Secures Seed Financing
Arolytics, an emissions software and analytics company, announces the close of an oversubscribed C$710,000 seed-financing round.
Arolytics has developed software that discloses emissions performance and leverages data to optimize reduction opportunities. Between new regulations and rapidly increasing ESG pressure, emissions management is an increasing concern for the energy sector, the company said.
With over $1 billion in federal and provincial government funding committed to emissions reduction in 2020, Arolytics said it is positioned to be a market leader in helping oil and gas firms meet reduction targets.
As the winners of Startup TNT’s inaugural Calgary Investment Summit in November 2020, Arolytics received investment from a pool of Alberta-based investors. Additional financing from Calgary-based M-Tech Innovations and Metiquity Ventures, and a convertible note from Halifax-based Volta Investments Limited Partnership rounded out the total.
Representatives from both M-Tech and Metiquity will be joining the Arolytics board, “and we look forward to leveraging their substantial expertise,” the company said.
Arolytics said it saw strong growth in 2020, with highlights including:
- Launched the AROviz software, a SaaS platform that optimizes energy sector emissions management while unlocking significant cost savings. Aggregating data from any sensor or source, the platform manages GHG emissions for compliance, disclosure and ESG purposes, equipping everyone from the field to the board with readily available and verified emissions information;
- Doubled the team size;
- Commercialized products and services that enabled some of Canada’s largest oil and gas producers to significantly cut costs via strategic emissions management; and,
- Graduated from the Creative Destruction Lab – one of Canada’s top accelerators.
Arolytics — formed in 2018, and with company operations in both Calgary and Halifax — said the capital will enable it to scale quickly and meet client needs in this time-sensitive market.