Ambyint is a new technology platform that combines big data analytics, artificial intelligence and Industrial Internet of Things to help oil producers optimize their well assets to reduce operational and maintenance costs and ultimately become more profitable.
Ambyint does this by gathering and examining large sums of raw data, collected through various field devices, and making precise predictions on how to enhance well performance.
The out-of-box solution can be installed by operators themselves on any oil well, and can be managed through the Ambyint mobile application. While other solutions on the market cost tens of thousands of dollars, are very complex to implement, and still do not produce the desired results, Ambyint Inc. of Calgary provides a complete end-to-end integrated solution for a fraction of the cost.
Founder and CEO Nav Dhunay says they’ve proven increases in production, efficiency and hardware longevity with extensive field-testing. At a time when profit margins in the oil and gas industry are thin, Ambyint provides a scalable solution with almost no cost barrier to entry. Here’s more from our conversation with Nav Dhunay.
How did you come up with the idea for your startup? Was there an “ah-ha” moment?
We have always been driven to solve problems with simple solutions. When we looked at how oil wells were optimized and monitored, we were amazed at how overly complex the equipment and infrastructure was. The complexity of oil well optimization solutions has led to current products being far too expensive to implement on all oil wells.
We thought to ourselves, ‘What if we could develop a solution that required no infrastructure, that anyone could install, and that you could afford to install on every well?’ We built a solution that can be self-installed by operators of any oil producing well, can be easily managed via a mobile application, and roughly costs the same amount as a smartphone.
What has been the biggest challenge so far? What have you done to solve it?
We’re in an industry that does not historically embrace drastic change; so getting people to adopt a new system when they don’t feel the old one is broken is a challenge.
We’ve tried to overcome this by involving clients in the design, development and trials of the product. This gave validation to our claims and our system as a whole. It helped build trust in our offering and allowed us to test our product in the field and make enhancements in real-time.
Are there any key individuals outside of your organization that have been of great help to your startup?
Our largest investor, North West Capital Partners and their founders, Ian MacGregor and Gary Lee, have been instrumental in helping us get where we are. Our board chairman, Ian Bruce, has been a huge advocate and great mentor, something that all startups need.
What advice would you like to share with others just starting out?
Our success so far is a direct result of having a great team that shares in the vision. We have cultivated an environment of entrepreneurship and innovation with like-minded individuals who are always searching, perfecting and solving.
We practise the concept of “fail fast.” Fail fast is not about the big issues; it’s about all the little ones that get in the way. It’s an approach to developing a product that embraces lots of little experiments with the idea that when you toss away the failures, you will see solutions quicker and in clearer light. It also fosters the idea that we should never stop growing and improving.
Find yourself a good pitch coach. A good pitch is essential to raising capital and getting your organization off the ground floor. Start participating in local investment forums to network with other like-minded individuals and raise awareness of your organization.
If you have an existing client base, get their feedback and input early on. You will turn your clients into champions for your cause.
What made you choose to go down the path of entrepreneurship?
My father has been a major influence, championing the idea that anything is possible and no goal unachievable. From this, I have developed relentless determination to achieve success in every possible endeavour.
Technology has always been a focus and passion of mine. Before Ambyint, I engineered two startups; Canflix, a technology now forming the basis of the globally recognized Netflix, and NavNet, a control and home automation system that allows users to control lights, music and thermostats remotely from any mobile device.
What do you and your startup need help with?
We are proud to be backed by investors and champion clients, who are also early adopters of our technology. But rapid growth, although a great sign of rising profits, creates the need for more investors and industry partners. We are looking for additional investors to assist in funding our aggressive growth and expansion plans. For more information visit ambyint.com.
Lloyed Lobo covers technology startups in Alberta. He is a partner at Boast Capital and co-founder of Traction Conf. If you’d like to be featured, please e-mail firstname.lastname@example.org.