Oil contract for mapping firm
$1.2m Shell deal for Cognitive Geology
Founded by geologist Luke Johnson in 2014, Edinburgh-based Cognitive Geology designs and builds specialist software to help find and appraise oil and gas reserves.
The business recently raised a $2.7m in seed funding from Maven Capital Partners and Enzo Ventures to promote its geological data analysis products in a market estimated to be worth $4.5 billion a year.
This is predicted to double over the next few years as ageing software is replaced by next generation technology solutions.
Mr Johnson said: “Much of the technology used currently by Geoscientists is antiquated and here in Scotland we have the talent and ambition to challenge this.
“Having one of the biggest corporations in the world – Shell – using one of our products simply confirms to us that as a start-up we can compete with the established behemoths in the industry.”