Majority of Top US Shale Producers Apply Biota DNA Sequencing
Analyzes over 200 wells, Secures Additional Funding
SAN DIEGO, CA, October 10, 2017 – Biota Technology, the oilfield DNA sequencing pioneer, has achieved a critical milestone on its path to commercialization: the diagnostic has been deployed by a majority of the top 20 US shale producers in the United States. Biota continues to attract top-tier investors, recently closing a multi-million dollar Series B financing led by Illumina Ventures.
“Biota is pioneering DNA sequencing in the energy industry,” said Ajay Kshatriya, Chief Executive Officer. “We have developed a clear value proposition to improve reservoir economics by quantifying hydrocarbon fluid movement. The fact that we have been able to attract a significant number of world-class, Fortune 500 customers is testimony to our industry changing solution.”
Biota works across all major shale plays in both oil and gas production. In a recently published case study, Biota delivered compelling results in the Permian Basin that uplifted the producers asset value by millions of dollars. In just four years since inception, the company has experienced explosive growth in the adoption of DNA Sequencing, successfully analyzing over 200 wells from marquee companies such as Anadarko Petroleum, Marathon Oil, and Statoil.
“We are looking forward to leveraging Biota’s new subsurface data source to potentially optimize well productivity,” said Jose Silva, Lead Business Strategist for Anadarko Petroleum Corporation. “By applying DNA sequencing to identify and differentiate fluid sources, Anadarko is aiming to fine-tune its understanding of drainage over time with the goal of maximizing value.”
Recently, Biota was profiled by Goldman Sachs Equity Research as one of the “names to know” for companies that improve well productivity. To facilitate further commercial growth, Biota recently closed a Series B round of financing, led by Illumina Ventures. XSeed Capital and Energy Innovation Capital, existing investors in the Company, also participated in the financing.
“Biota represents an entirely novel application of next-generation DNA sequencing,” said Dr. Nick Naclerio, Founding Partner of Illumina Ventures. “The team has developed an actionable diagnostic that delivers both economic value and environmental benefit to a trillion dollar industry.”
Biota deploys DNA sequencing and data science to explore the earth’s subsurface. We provide actionable diagnostics to the oil & gas industry for maximizing reservoir economics and reducing environmental impact. Biota delivers multimillion–dollar value with insights into drainage volumes, well connectivity, and engineered completions. Our patented technology has been applied on over 200 wells by a majority of the top producers in US Shale.
About Illumina Ventures
Illumina Ventures is an independently managed, healthcare-focused venture firm in a strategic partnership with Illumina, with the vision to unlock the power of the genome. As an early-stage, value-add investor, we help entrepreneurs develop breakthrough science and technologies into market-leading companies to transform healthcare. We focus on investment in life science tools, therapeutics, diagnostics, and personal wellness.
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