RunTitle, an oil and gas data startup, has closed $8 million in Series A financing led by Founders Fund. Joining in the fundraise were Aubrey McClendon's Deep Fork Capital, existing investor Austin Ventures, and several individuals.
The financing gives RunTitle an opportunity to expand amid a crisis-level oil price environment forcing the historically slow-to-change oil and gas industry to seek out innovative data and software solutions. "Oil and gas companies are seeking out ways to maximize efficiency now more than ever. By making land information easily accessible, RunTitle has the potential to eliminate billions of dollars of unnecessary spend," said Geoff Lewis, Partner at Founders Fund.
Mineral title data -- the record of who owns the mineral/drilling rights beneath the earth -- is required information each time an oil and gas company wants to drill a well or make an acquisition. Before RunTitle was formed, an oil and gas professional had to conduct up to months of research via paper documents and books in county courthouses to determine who owns the mineral rights to any parcel of land. RunTitle's proprietary database of title data enables oil and gas companies to make faster, more precise acquisition and divestiture decisions.
RunTitle will use the proceeds to accelerate hiring on its engineering, sales, and marketing teams and to continue growing its proprietary dataset of mineral title information.
Based in Austin, Texas, RunTitle is an oil and gas data and software company focused on solving problems with mineral title information. RunTitle provides previously inaccessible mineral title research to oil and gas professionals nationwide. This research allows oil and gas companies to make smarter acquisition decisions in a more timely manner. RunTitle's customers range from small independents to multiple publicly traded natural resource exploration and production companies.