Legacy HTC Client Rheidiant Wins SPE Rising Star Award and Prize at ATCE 2017
Legacy HTC Acceleration client Rheidiant won the award at the Energy Startup Competition with its technology that applies the industrial internet of things and machine learning technologies in its integrity management system.
Rheidiant participated in the event with 11 other finalists, selected from 120 companies to compete for $83,000 in prize money. An industry panel of judges awarded Rheidiant the rising star award and $15,000 in prize money. Congratulations also go to HTC company finalists QuantumPro and Kinetic Pressure Control, best in show winner Veros Systems, and fellow rising star winners 16S and Factor Technology.
The Society of Petroleum Engineers (SPE) and the Rice University Alliance for Technology and Entrepreneurship teamed up to host the competition showcasing emerging energy technology companies at the SPE Annual Technical Conference and Exhibition (ATCE). For the first time, newly formed companies competed for potential partnerships and prize money at the Energy Startup Competition, part of the ATCE Startup Village.
Companies were evaluated on eight criteria:
- Technology: Is there a real need for the technology innovation? What problem is being solved, and is this a big problem for the industry?
- Market: Is the market for this technology large in terms of potential total revenue, and will customers pay for it?
- Competition: Is the technology innovation significantly better than the competition? Is there a sustainable, significant differentiation—for example, is there a patent or a patent pending for the intellectual property behind the technology?
- Technology Risk: Is there evidence that the technology works? Does the company have prototypes and/or field trials? Does it have an existing customer base?
- Management Team: Does the startup have an experienced management team? Have they successfully launched an energy technology company previously? Do they understand any gaps in the management?
- Go-to-Market Strategy: Does the team have a good strategy for how they will bring their technology to market and ensure market adoption?
- Milestones: Is the team clear on their timelines, milestones, and capital needs for the next 18 to 24 months?
- Financials: Are the financial projections in the next 3 to 5 years realistic? Is there a possible exit strategy, such as a sale, in the next 5 to 10 years? Will it provide a reasonable financial return to investors?
Participating companies included 16S Technologies, Vertice Oil Tools, QuantumPro, Factor Technology, Rheidiant, DataNova Analytics, Voxaya, Mims Well, Sinsal, 8Sigma Energy Services, Veros Systems, and Kinetic Pressure Control.