BP Ventures has invested $20 million in artificial intelligence
Posted: 9 June 2017 | By Darcie Thompson-Fields
The investment arm of oil and gas giant BP has invested $20 million in an AI company.
Beyond Limits, an artificial intelligence and cognitive computing company received the Series B funding from BP Ventures.
The company says that the investment will accelerate the delivery of industrial grade AI software, which has previously been used in deep space exploration, to provide new levels of operational insight business optimisation, and process automation to the energy sector.
Beyond Limits, launched in 2012, was created to commercialise cutting-edge IP developed by the team after over 20 years of supporting NASA and the space program. After 20 years of supporting NASA, the company now hopes to prove its technologies ability to tackle industrial and enterprise challenges on earth.
“BP Ventures is excited to help Beyond Limits grow into new verticals, as we bring forward the pioneering work they have developed with the space program to our industry and throughout our businesses.” BP Ventures managing director, Meghan Sharp said.
“Our investment in Beyond Limits is an example of BP’s ongoing support of entrepreneurs and innovators not only inside the traditional world of oil and gas but those looking toward a new energy future.”
BP plans to use the partnership to enable a change in the way BP locates and develops reservoirs, produces and refines crude oil, and markets and supplies refined products.