View all newsletters
Receive our newsletter - data, insights and analysis delivered to you

BP fuels AI startup with $20 million investment

Yet another industry delves into the potential power of artificial intelligence.

By Tom Ball

BP has made a $20 million investment in the AI startup, Beyond Limits, with the oil and gas giant set to add the cutting edge technology to its exploration capabilities.

Launched in 2012, Beyond Limits is a leader in AI and cognitive computing and was created to commercialize cutting edge IP developed by the team after over 20 years of success supporting NASA and the space program.

With technologies proven in the unknown and extreme environment of space, Beyond Limits hopes to adapt and deliver AI software that tackles industrial and enterprise challenges on earth.

Oil and gas major BP,  gave a huge boost to the AI startup’s Series B funding round, with the total amount totalling $25.5 million. The investment will accelerate the delivery of industrial-grade AI software, previously used in deep space exploration missions, 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.

AI

AJ Abdallat, CEO of Beyond Limits, said; “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.

Meghan Sharp, managing director BP Ventures – Americas, will join the Beyond Limits board. Sharp said of the investment:

Content from our partners
Sherif Tawfik: The Middle East and Africa are ready to lead on the climate
What to look for in a modern ERP system
How tech leaders can keep energy costs down and meet efficiency goals

“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. 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.”

READ MORE: Why I’ve Become an AI Optimist

BP are not alone in exploring new options, as GE Oil & Gas have also shown interest in harnessing the capabilities of new technology, having announced a new Predictive Corrosion Management system at the end of last year. This functions using cloud-based analytics.

Topics in this article : , , , , ,
Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU