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Austin

Austin companies are attracting new investment

Austin-based computer company Novi Labs has secured $7 million in Series A funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced May 15.

According to its Crunchbase profile, "Novi builds artificial intelligence driven business applications that help the Oil & Gas industry optimize the economic value of drilling programs. Discover pre-drill insights in production, completions and geological data. Their machine learning and advanced analytics software is designed for petroleum engineers to optimize shale field development planning."

The five-year-old company also raised a round in 2017.

The round brings total funding raised by Austin companies in consumer electronics over the past 90 days to $18 million. The local consumer electronics industry has seen 28 funding rounds over the past year, securing a total of $116 million in venture funding.

In other local funding news, training and e-learning company Interplay Learning announced a $5.5 million Series A funding round on May 21, led by S3 Ventures.

According to Crunchbase, "Interplay Learning develops online digital learning and testing products for students and professionals to build career skills and technical aptitude. Interplay's specialty is 3-D interactive life-like simulation which allows a learner to accelerate practical understanding and application. Interplay products can be found in education, government, career certification and industry."

The company also raised a $1 million angel round in 2016.


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