Oil and gas IoT and artificial intelligence platform provider Validere has acquired Calgary-based Clairifi.
Founded in 2017, Clairifi offers a SaaS approach to environmental and regulatory compliance. The startup claims that its platform makes methane reduction requirements easy to understand and minimizes the amount of work that’s put into emission quantification and reporting. Clairifi said that by leveraging its technology, users can maximize tax savings, increase operational efficiency, and identify opportunities to capitalize on carbon credit offset projects.
Compliance reporting is a time-intensive process that is usually performed manually in Excel spreadsheets, according to Clairifi. This is also coupled with constantly changing environmental, social, and governance (ESG) policies, as well as disorganized data.
Corey Wood, co-founder and CEO of Clairifi, said that the implementation of costs on carbon and emission reduction requirements can introduce new immediate and long-term consequences that creates an impact from the field to the head office.
“While regulatory compliance is often considered a burden on industry, requiring resources and continuous innovation, if we are well-prepared, these challenges may be used as catalysts to revive, refresh, and improve,” said Wood.
Validere’s acquisition of Clairifi is expected to strengthen the former’s ESG offerings to now include regulatory reporting capabilities.
Nouman Ahmad, Validere’s co-founder and CEO, said the deal will also enhance Validere’s predictive capabilities, which will allow for precise forecasting to create accurate models.
Energy companies that work with Validere will also be provided with access to expert ESG advisors to drive efficiency and sustainability.
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Headquartered in Toronto, Validere was founded in 2015 by Ahmad as well as former University of Toronto fellow and Harvard graduate Ian Burgess (president and CTO). Validere works with oil and gas companies to help them optimize their supply chain by analyzing product quality in real-time, and optimize logistics and trading. According to the startup, more than five million barrels per day are measured using its software.
Validere’s acquisition of Clairifi follows a series of financing rounds it closed in the last couple of years. The SaaS startup has raised approximately $66.2 million in total funding to date. This total includes a $1.2 million grant provided by Sustainable Development Technology Canada in November, a $7 million seed round in 2018, a $15 million Series A round in 2020, and most recently a $43 million Series B round led by Mercuria with participation from BlackRock last month.
Featured image by Francesco Boncompagni via Unsplash.