SCF Ventures, an early stage investment vehicle within the private equity firm SCF Partners, focuses on “strategic growth assistance to build leaders in the energy services and equipment industries that operate throughout the world.” They invest in companies that are going to last and be industry leaders, so it feels like a real vote of confidence for Ruths.ai to receive an investment round of growth equity.
In 2013, Troy Ruths finished his Ph.D. in computer science at Rice University. At age twenty-six, he launched Ruths.ai, an analytics and innovation company that creates powerful integrated software to analyze data across the oil and gas value chain, from reserves and drilling to completions and production data.
One of the company’s first employees, Lucas Wood, Technical Director at Ruths.ai, says “In 2013, I began work as a data analyst… it’s been a privilege to watch the rising popularity of data science in this industry.”
Dr. Ruths says, “With this investment, we can now more quickly deploy Petro.ai, our analytics delivery engine that seamlessly combines data analytics, machine learning, and visualizations to revolutionize standard oil and gas workflows.”
Ruths.ai brings a unique combination of software development, data analytics and oil and gas domain knowledge to the challenges faced by O&G operators. Dr. Ruths has been involved in deploying analytics at E&P companies throughout his studies and brings a vast knowledge of reservoir, completions and G&G workflows. The current team at Ruths.ai supplements his domain knowledge by bringing decades of experience from major operators and service providers.
The funding from SCF Ventures will be used to further expand the team, keeping a strong emphasis and data science and oil and gas. The investment will aid in the growth of Ruths.ai team and in accelerating the deployment of Petro.ai across the industry.