Funding Will Enable MemComputing to Explore Applicability of Its HPC Technology to Oil and Gas Industry
MemComputing, Inc., developer of disruptive high performance computing (HPC) technology, announced it has been selected for participation in the Chevron Technology Ventures (CTV) Catalyst Program. CTV’s Catalyst Program supports early-stage companies who are advancing cutting-edge technologies that can directly benefit the oil and gas industry.
MemComputing’s technology harnesses the power of physics and has shown the ability to reduce compute times from hours to seconds for the world’s most challenging computational problems. Joining the Catalyst Program will enable MemComputing to explore the applicability of its HPC technology to the oil and gas industry.
“We’ve been impressed with Chevron’s commitment to supporting innovative technology and look forward to partnering with them,” said John Beane, CEO and cofounder of MemComputing, Inc. “While the compute problems we will explore together are quite complex, we are currently achieving results with academic and industrial problem sets that suggest our technology is very applicable to oil and gas in areas such as demand forecasting and resource planning.”