SynMax, a satellite data analytics business focusing on oil, gas, and dark ship tracking, has raised $6 million in seed funding from existing customers. The financing was led by Bill Perkins, an energy trader and SkyFi cofounder, and GeoSol Capital LLC.
The Houston-based firm is committed to producing distinctive data analytics in high-value markets.
Rather of bringing in data collection capabilities, SynMax is only focused on producing customer-ready insights. According to SynMax CTO Eric Anderson, “the tastiest portion of the value chain is the one that controls the final client.”
Anderson stated that the investment round, which was fully raised from current clients, demonstrates the significance of providing specialist analysis.
The product that launched it all predicts changes in oil and gas output using satellite images. According to SynMax, Hyperion can make these predictions faster than any other data source available to energy traders. Anderson, a veteran energy trader, expressed dissatisfaction with the absence of timely and reliable oil supply data.
With the completion of its seed round, SynMax intends to make a swarm of new recruits in order to A) accelerate Theia development and B) begin work on other product ideas. In keeping with its initial focus—energy trading—the startup’s next product concept is for a coal pile monitoring platform that can provide users with early warning of energy stockpile levels.