Axel

Axel is a developer of IT solutions and telemetry equipment to support drilling processes.

History

2021: Attracting investment from New Industry

In mid-July 2021, it became known that Axel attracted investments from the New Industry venture fund, which is a joint project of Gazprom Neft, Gazprombank, RVC and VEB Ventures. The financial terms of the transaction are not disclosed.

Axel intends to spend the funds received to complete the development of the first Russian platform for high-speed well research. According to the developers, the product will allow in real time to obtain data on the drilling trajectory and properties of geological rocks. Prompt access to this information will help to monitor well wiring and correct it in a timely manner to avoid possible complications. The technology increases the construction speed, accuracy of entering the oil-bearing formation and well production, minimizing project costs and drilling risks, the manufacturer says.

Russian developer of IT solutions for drilling attracted investments from New Industry

Financial support for the New Industry will allow the startup to expand the company's production capacity, continue the development of the line of telemetry equipment and remote support systems, and also open a representative office in the UAE. Along with Russia, the key markets for Axel products are the countries of the Middle East, Asia and West Africa.

According to Oleg Teplov, CEO of VEB Ventt, Axel's development is aimed at developing a systemically important industry for Russia, which is an important argument in favor of financing the company. The new digital platform will significantly optimize the costs of design work for Russian oil companies, he said.^[1]

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