Release date: 7 June 2017
PASADENA, CA - Beyond Limits, an artificial intelligence (AI) and cognitive computing company, today announced it has secured $20 million in Series B funding from BP Ventures, the corporate investment arm of global energy business, BP.
The investment will accelerate the delivery of industrial-grade AI software, previously used in deep space exploration missions, to combine human knowledge with machine learning and provide the energy sector with new levels of operational insight, business optimization and process automation across all operations.
Launched in 2012, Beyond Limits is a leader in AI and cognitive computing and was created to commercialize cutting edge IP developed by the team after over 20 years of success supporting NASA and the space program. With technologies proven in the unknown and extreme environment of space, Beyond Limits will adapt and deliver AI software that tackles industrial and enterprise challenges here on earth.
Meghan Sharp, managing director BP Ventures - Americas, will join the Beyond Limits board.
Commenting on the investment, Meghan Sharp, said; “BP Ventures is excited to help Beyond Limits grow into new verticals, as we bring forward the pioneering work they have developed with the space program to our industry and throughout our businesses. Our investment in Beyond Limits is an example of BP’s ongoing support of entrepreneurs and innovators not only inside the traditional world of oil and gas but those looking toward a new energy future.”
The BP - Beyond Limits partnership could enable a step change in the way BP locates and develops reservoirs, produces and refines crude oil and markets and supplies refined products. Beyond Limits will bring its expertise to the world of oil and gas where its AI software could support improvements in the speed and quality of decision making, manage operational risks, and harness the collective knowledge and experience of its team.
AJ Abdallat, CEO of Beyond Limits, said; “Our goal is to create automated solutions that can think like humans and augment human capability. We are the AI company that provides solutions for problems that cannot be solved using traditional approaches.”
Morag Watson, chief digital innovation officer at BP said; “Our strategic cooperation with Beyond Limits is a perfect fit with BP’s vision of using digital technology to help transform our organisation. We believe artificial intelligence will be one of the most critical digital technologies to drive new levels of performance across the industry.”
Beyond Limits is transforming proven space and defense technologies from NASA and the U.S. Department of Defense into innovative solutions to address large and emerging markets. These technologies were developed at Caltech/Jet Propulsion Laboratory (JPL) over the last two decades and were funded by NASA and the Department of Defense to address their complex and far-reaching problems. We leverage this existing R&D investment along with many of our own technologies to produce commercial products and solutions that are capable of addressing the emerging problems of AI today and beyond. For more information, please visit the website at www.beyond.ai.
BP Ventures identifies and invests in private, high growth, game-changing technology companies, accelerating cutting edge innovations across the entire energy spectrum. Since 2006, BP Ventures has invested over $325 million in corporate venturing and has 41 active investments in its current portfolio. Since 2016 BP Ventures has invested in 8 new companies, committing to over $100 million of capital.
BP Ventures’ portfolio is primarily focused on emerging technologies in oil and gas exploration and production and downstream conversion processes. In addition, it has a renewed strategic focus on five key areas: bio & low carbon products, carbon management, power & storage, advanced mobility and digital transformation.