Andium Secures Investment for Remote Asset Monitoring

Andium, a firm specializing in the remote surveillance of assets – notably including oil and gas wells – has recently completed a funding round. This investment was spearheaded by OGCI Climate Investments, an organization established by some of the world’s largest oil companies.

OGCI Climate Investments and its Mission

OGCI was founded in 2014 with the stated aim of “supporting” the objectives outlined in the Paris Agreement, which seeks to curtail global greenhouse gas emissions. To date, the firm has invested in 21 distinct projects.

Through this investment in Andium, major oil companies are joining forces with current investors. These include Tom Miglis, formerly the chief investment officer of Citadel Securities, and Talis Capital, to support a company pioneering technologies for natural gas flare detection, tank data transmission, and object identification.

Cost-Effective Real-Time Data

Andium asserts that it delivers oil and gas companies with timely data from remote sites at a significantly reduced cost compared to alternative solutions.

While technologies centered around sensors and monitoring equipment may not be inherently captivating, their importance in mitigating greenhouse gas emissions is undeniable. As Mark Tomasovic, a partner at Energize, a renewable investment firm, noted, companies focused on monitoring and reducing methane emissions from oil and gas wells have potentially had a greater impact on global climate change than even Tesla.

Andium’s Vision for Sustainability

“We are confident that clear visibility is crucial for effective leadership and operational improvements,” stated Jory Schwach, Andium’s chief executive, in a press release. “Our remote monitoring technologies are specifically engineered to help companies accelerate their progress towards sustainability objectives.”

From Logistics Tracking to Industrial Monitoring

Schwach, an experienced entrepreneur, previously founded GlobalRim, a solar-powered global positioning system company, and an offline communication service. His initial venture involved developing a battery-powered tracking system for the logistics sector.

“I dedicated approximately two years to creating a battery-powered tracking solution for long-haul trailers, intending to enable the market to replace intermediaries with ‘shared assets’,” Schwach explained to Authority Magazine. “I encountered numerous setbacks with the hardware, but I realized the true value lay in the evolving product requests, which could be more readily addressed through software modifications.”

He continued, “I concluded that building a novel operating system for small devices could be a substantial business opportunity if I leveraged the OS to customize products based on changing needs while managing the hardware and infrastructure for clients.”

Leveraging AI for Comprehensive Asset Surveillance

Andium’s technology integrates readily available cameras and microphones with an artificial intelligence layer to facilitate real-time monitoring of diverse industrial assets.

The Importance of Methane Monitoring

“The transparency gained through monitoring and measuring methane is vital for emission reduction,” emphasized Pratima Rangarajan, CEO of OGCI Climate Investments. “Andium’s innovative, low-cost solution reduces the obstacles for operators of all sizes to adopt and implement best practices, and we are pleased to support their expansion.”