BP’s corporate investing arm BP Ventures has awarded US$20 million in Series B funding to artificial intelligence (AI) and cognitive computing firm Beyond Limits to adapt and deliver industrial-grade AI software, used in deep space exploration, for application in the oil and gas industry.
The funding will allow the Caltech startup company to combine human knowledge with machine learning and provide the energy sector with new levels of operational insight, business optimization and process automation across all operations, BP said in a 7 June press release. Beyond Limits was launched in 2012 to commercialize cutting edge IP developed by the team after over 20 years of success supporting NASA and the space program.
The BP - Beyond Limits partnership could enable a step change in the way BP locates and develops reservoirs, produces and refines crude oil and markets and supplies refined products, BP stated. Beyond Limits will bring its expertise to the world of oil and gas where its AI software could support improvements in the speed and quality of decision making, manage operational risks, and harness the collective knowledge and experience of its team.
“Our goal is to create automated solutions that can think like humans and augment human capability. We are the AI company that provides solutions for problems that cannot be solved using traditional approaches,” Beyond Limits CEO AJ Abdallat stated.
Morag Watson, chief digital innovation officer at BP, said, “Our strategic cooperation with Beyond Limits is a perfect fit with BP’s vision of using digital technology to help transform our organization,” said Morag Watson, chief digital innovation officer at BP. “We believe artificial intelligence will be one of the most critical digital technologies to drive new levels of performance across the industry.”
Meghan Sharp, managing director BP Ventures - Americas, will join the Beyond Limits board.