Advanced Flow Technologies Inc., a Calgary-based company focused on field and Web-based technologies to keep operators informed about oil and gas well status, has received an undisclosed investment from Accelerate Fund and several angel investors. Funding will be used to develop the company’s technology and invest in sales and marketing. Accelerate Fund is an angel co-investment fund managed by Canadian venture capital firm AVAC. Alberta Enterprise helped launch the fund in 2012 with a $10 million commitment.
Accelerate Fund Backs Advanced Flow Technologies
EDMONTON and CALGARY, August 7, 2013 —Accelerate Fund is pleased to announce an investment in Advanced Flow Technologies(AFTI) alongside several angel investors.
AFTI’s technology is comprised of a field data capture system (“Watch-DOG”) and an Internet web site (“Sentry”) which provides ongoing information regarding well status. Watch-DOG is totally self-contained, meaning it needs no external source of power, and non-intrusive, meaning it installs easily and requires no interruption to production. The vast majority of wells are monitored manually, through cyclical visitations by oil field personnel in trucks, an inefficient means, especially in remote areas. Watch-Dog provides a more effective and safe monitoring system, enabling accurate and timely results for increased production efficiency.
Watch-DOG senses changes in vibration and fluid temperature and transmits this information to the company’s Sentry website. Producer personnel are then notified when a change has occurred which is harmful to production.
“We are very excited to have Accelerate Fund as an investment partner. The funds they have invested, along with the rest of the money raised from Angels and other investors, will help us realize our plans in the marketplace. Specifically, we are now in a position to further develop our technology as well as ensure that we can invest in the appropriate sales and marketing strategies to gain proper levels of exposure in the marketplace. We regard AVAC as a strategic partner in our business due to their experience in working with early stage technology companies such as us as well as the wide range of contacts they have developed in the investment and technology sectors in Alberta.” Len Johnson, President, Advanced Flow Technologies Inc.
“This is really a powerful tool for the oil and gas markets. These units are self-powered, mobile and cost effective for even low volume wells. AFTI is facing tremendous opportunity.” Warren Bergen, VP Corporate Development, AVAC Ltd.
About Advanced Flow Technologies: www.AFTI.ca
Advanced Flow Technology (AFTI) products help keep the oil and gas flowing. Innovative, low cost, unobtrusive and self-contained, AFTI products combine field and web-based technologies to keep operators informed about well status. Near real-time transmissions from the field combined with intelligent web software help field personnel establish priorities, allowing them to engage in high-payoff activities.
About Accelerate Fund: www.acceleratefund.ca
The Accelerate Fund is an angel co-investment fund investing in Alberta technology companies. The Accelerate Fund will consider opportunities which involve co-investing in financing rounds with Angel investors. Investments will be consistent with common venture capital investing practices, utilizing an array of equity and debt instruments. AVAC Ltd., who manages the Fund, will perform due diligence, make investment decisions, and provide ongoing support to portfolio companies on behalf of the Fund. In support of the funded companies, the Accelerate Fund Industry Committee (an advisory network managed by the A100) was designed to provide additional “hands-on” resources to the portfolio companies. Alberta Enterprise Corporation is the Accelerate Fund’s Limited Partner.
Michael Raymont, President & CEO, AVAC Ltd.
220, 6815 8 Street NE, Calgary, AB T2E 7H7
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