TechX Ventures launched to inspire North Sea oil start ups

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An Aberdeen technology organisation has launched a programme bringing together the world’s “leading minds” to tackle key issues in the oil and gas industry.

The Oil & Gas Technology Centre today launches TechX Ventures, a partnership aiming to create start-up companies that drive the industry towards a sustainable future.

In collaboration with Deep Science Ventures, the initiative has recruited three international teams of scientists and engineering experts, with each team assigned a key challenge, such as how to best use automation technology.

The nine-month programme hopes to create start-ups with the technology to help resolve these issues. These companies will then enter the next cohort of the TechX pioneer accelerator programme in May 2019, which offers up to £100,000 funding.

David Millar, TechX director for the Oil & Gas Technology Centre, said: “We’re delighted to be working with the world’s leading minds in science and engineering to create new start-ups and technologies that position the oil and gas industry for a sustainable future in a low carbon economy.

“With TechX Ventures, we’re not relying on existing solutions – we’re taking fresh thinking with new companies and new intellectual property.

“Deep Science Ventures leverages fundamental deep science principles to deconstruct technology challenges and creates new ventures with radical ideas. This is a unique approach for the oil and gas industry and one that we’re very excited to be leading on.”