Billionaire Mark Cuban invests in Truckee-based science company
August 30, 2016
TRUCKEE, Calif. — Truckee-based data science company BetaZi has opened the door to its first external investor with the recent initial tranche of funding from businessman and entrepreneur Mark Cuban, through his VC entity Radical Investments.
"BetaZi is the definition of disruptive innovation for oil and gas production forecasting. Its new model has physics, big data statistics, and machine learning combined for the first time to automatically produce the most accurate forecasts available, and that's why I've invested in them," Cuban said. "It's a step change in the standards of analysis for oil and gas wells by E&P companies and Wall Street firms. Look for some incredible products to come out of this company — and soon."
BetaZi CEO Janette Conradson, of Truckee, reached out to Mark Cuban directly when her company decided to take on outside investment in order to speed product development and market penetration.
BetaZi has already made significant inroads into the finance, insurance, production, banking and engineering sectors of the oil and gas industry, as well as successfully petitioning to provide services to federal agencies.
"Mark's promotion of the company comes at an exciting time for us," Conradson said. "We welcome the buzz generated by his involvement as enthusiastically as we do his investment capital. Let's face it: Mark Cuban is a big deal. The value-add of having him on our team isn't lost on us."
BetaZi provides state-of-the-art production oil and gas forecasting solutions based on Physics-Based Predictive Analytics. Since 2012, they have modeled over a million wells with cutting-edge technology and provided accurate and insightful production forecasts to decision-makers from the field to the board room.
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This article was provided by BetaZi. Visit betazi.com to learn more.