mIQroTech Incorporated is joining the Chevron Technology Ventures (CTV) Catalyst Program to enable further development of their smart sensors and artificial intelligence technology.
The mIQroTech technology applies artificial intelligence and internet of things (IoT) technology to predict pipeline leaks. The sensor system is not dependent upon leak-detection resources such as radioactive materials, welding, or pipeline tapping. Monitoring is reported efficiently in a dashboard accessed by phone, tablet, or computer.
The CTV Catalyst Program was launched in 2017 to accelerate the maturation of early stage companies that have technology beneficial to the energy industry.
Catalyst program participation will allow mIQroTech to progress through key milestones focused on technology testing and validation. mIQroTech received earlier investments from Plug and Play, Ocean Capital, Republic, and Harvard Business School Alumni Angels, among others.
“Our goal is to deliver a transformative change to the global oil and gas industry,” said founder and chief executive officer, Meade Lewis. “Better data, analytics, and intelligence will add efficiencies to pipeline operations and empower more informed and faster decision-making. We appreciate that Chevron recognizes our potential to deliver solutions to enable safer delivery of oil and gas.”
mIQroTech projects growth in revenue, employee count, and technology advancement in the next few years. Headquartered in Tampa, Florida, mIQroTech’s manufacturing operations are located in Bellefonte, Pennsylvania through a partnership with Homeland Manufacturing Services.
Founded in 2017, mIQroTech uses a patented, non-invasive sensor array to measure several variables related to pipeline health. This data, sent wirelessly to the cloud, is then analyzed for anomalies and trends to help predict leaks before they occur with a projected 96% decision-making accuracy. After initial deployments, mIQroTech’s Founder and CEO went on to present the preliminary findings at a TEDx Conference in addition to numerous universities across the nation including Stanford, Cornell, and Carnegie Mellon. In their next phase of development, mIQroTech is deploying across thousands of miles of pipeline nationwide as well as Chile.