RigUp’s 2016 Year in Review

We started RigUp over two years ago to build the premier marketplace for oilfield services. Our product began as a mobile app for the field and has grown into the best-in-class procurement, compliance, and vendor management solution for the upstream industry.

We believe that through technology, E&P companies and service providers can connect and execute operations more efficiently and effectively. Proper stewardship means a safer environment and American energy independence. Over 150 E&Ps believe in our mission and goal and we are grateful for their support.

In 2017, we will continue to enhance our product offering to meet the needs of our users – some new features include streamlining the MSA process, eliminating the industry’s outdated “procure-to-pay” workflow, and ensuring 100% environmental and safety compliance across the service provider network. Clients have asked and we’ll continue to deliver. Look out for roll-outs of features that simplify the procurement of integrated services. We’re ready to show off our launch of bundled and packaged solutions utilizing various work scopes within a project.

It’s been a year of hard work for our team but the successes have been well worth it. Here are some highlights from the past year. We look forward to delivering you our very best in 2017 – stay tuned!

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Wall Street Journal      Bloomberg      Austin Business Journal      Redburn

White House LGBTQ Tech and Innovation Briefing

Last week I was invited to join over 300 lesbian, gay, bisexual, transgender and queer tech leaders at the White House for the third annual LGBT Tech & Innovation Briefing. Together we discussed how technology can help address some of the nation’s biggest problems in criminal justice reform, environment, health, inclusion, entrepreneurship, youth solutions, and improving LGBT federal statistics.

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Open data from the U.S. Government fuels data-driven legislation and public services, but what if that data doesn’t include everyone? The lack of representation of marginalized communities affects our ability to accurately identify what issues need to be addressed.

I was part of the team working on criminal justice reform. The Police Data Initiative (PDI), encourages transparency in law enforcement to bring community trust and accountability. Launched last April, over 70 police jurisdictions have volunteered to release their data publicly – including Austin, Texas. Denice Ross, senior advisor at the White House and co-founder of PDI, shared how analyzing police data is difficult because it is not standardized. Ross encouraged us to engage with local police departments to gain insight into how technology is used and can be improved from within.

What if we could help enable a new culture of open data in law enforcement agencies where police collaborate with their tech counterparts in local government and the community to publicly release incident-level, structured, machine-readable data on policing? Source

Megan Smith, Chief Technology Officer of the United States, speaks on humanizing data
Megan Smith, Chief Technology Officer of the United States, speaks on humanizing data

Over the next couple of months, we will be using our experience at the briefing to plan for TechUP Inclusion + Innovation Week in November.

Customer Success is our Priority

With over $150 million per month in transaction volume on RigUp, our team is constantly helping customers with on-boarding, training, and new features. We care about our users’ experience, and prioritize their needs.

Whether you prefer to speak to someone via phone, email, or chat we’re always here to help. Have a question? In-app chat allows customers to speak with one of our success representatives in real time. We aim to respond in under two minutes – but in reality, our report shows we are a little quicker than that!

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But that doesn’t even take into account the number of phone conversations. Our small ops team is on the phones constantly, making sure that every one of the 1,000+ calls that we have in a week are helpful and customer focused. Our goal is to make thousands of our users happy every single day.

But don’t just take our word for it. Here’s a sampling of what our users – both E&Ps and service companies – have said about our dedication to their success.

Vine Oil & Gas QuoteSteward Energy Quote

Ulterra Quote

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One of RigUp’s key assets is a dedication to providing the best customer support possible. In fact it’s more than just customer support that we care about, it’s customer success – a dedication to giving our users the tools that they need to succeed. Jeff Bezos, the CEO of Amazon, says:

- Jeff Bezos, CEO of AmazonThat is exactly how we feel at RigUp.

 

Why We’re Here

When we set out to build RigUp, we wanted to build a business and a technology that would catalyze positive impact across a vital industry. We had hundreds of meetings with energy executives, field operations, petroleum engineers, and community groups about the state of the energy industry. A common theme of improving “trust” emerged; trust between the operators and service companies, trust between field operations and finance teams, and most importantly trust between communities and the companies operating in their backyards. RigUp is building technology to restore trust in the energy sector. We’re putting together a team of world-class petroleum and software engineers to solve problems that at one point in time seemed unsolvable.

To meet demand from a growing global middle class, McKinsey estimates that global energy resource productivity will have to increase at a 3.2% per annum rate going forward compared to a 1.7% per annum rate from 1990-2010. With 66% of oilfield workers set to retire in the next 10-15 years, the great men and women working in the energy industry have a large task at hand to meet the world’s energy needs. Improved productivity must come alongside stronger environmental stewardship and safety benchmarks, and modern technology is required to improve upon legacy platforms and processes.

RigUp helps producers and service companies visualize and manage assets on location. Using big data and analytics, we allow industry participants to optimize their assets for safety, efficiency, and higher environmental standards without sacrificing performance and economics. Asset level safety and tracking is key to formulating optimal development plans. Our team has a strong focus to reduce the “idiosyncratic risk” of field operations, and our platform will eliminate lapse time and disputes for service companies. We have partnered with a select group of operators and service companies as we begin testing the first version of our platform, and we look forward to bringing on additional partners in the coming months.

Recently, we closed a $3mn series seed round led by Founders Fund. We are humbled to have Founders Fund on board as our anchor investor. We’re proud to call Austin, Texas home and excited about fostering a great start-up engineering culture.

Here’s to the future, y’all.

– The RigUp Team