ENERZAi, a Korean startup that provides AI-based solutions for the energy sector, has received seed round investment from Springcamp, a venture capital subsidiary of Naver Corp.
ENERZAi is a team comprised of engineers from Seoul National University’s Department of Electrical/Computer Engineering and Energy Resources Engineering. The co-founding members gathered up to solve problems of the oil and gas Industry, including exploration, drilling and production, with solutions based on AI technology.
Especially, they are currently focusing on inefficiency problems during the drilling process, where safety and cost issues are significant despite oil and gas players’ astronomical scale spending in drilling. In fact, cost for drilling a single well could cost from millions of dollars to up to a billion dollars, and fatal incidents involving casualties could occur anytime since drilling sites involve large machinery. The autonomous drilling system which ENERZAi is developing is expected to solve these inefficiency and safety problems of the industry.
Chang Han-him, CEO of ENERZAi, said, “We plan to interpret oilfield data based on machine learning algorithms to suggest optimum parameters which could eventually minimize inefficiency. These parameters will then be applied to the autonomous drilling system, which is expected to reduce drilling cost and casualty accidents.” He added, “Our goal is to become a global leading energy company based on AI technology.”
Nam Hong-gyu, vice president of Springcamp, said, “ENERZAi members have expertise in diverse fields including AI research and development, global business development and energy engineering. We expect ENERZAi to innovate the energy industry and grow as a global player.”
ENERZAi is currently discussing collaboration with government-funded research institutes and drilling players and is planning to promote field tests following this seed investment.