Novi Raises $7 Million to Accelerate Growth for AI Well Planning Technology, Welcomes Scott Sherwood as CEO

"Novi is the clear leader in leveraging machine learning to optimize unconventional oil and gas development," said Jeremy Arendt, Managing Partner of CVP. To keep pace with increasing demand, Novi will deploy recently raised funds to add additional resources at its Austin headquarters, including product development, sales and customer care staff. Earlier in his career, Sherwood was Senior Vice President of worldwide sales at NetQoS, where he spearheaded the acquisition of Global 2000 customers, including half of the Fortune 50, resulting in 31 consecutive quarters of double-digit revenue growth. "As demand for Novis products continues to takeoff, the deployment of new capital funding and Scotts expertise in scaling-up will bring the benefits of AI-driven well planning to the industry on a large scale," he concluded. Leveraging cutting-edge data science, Novi delivers intuitive analytics that give oil& gas leaders pressured with complex decisions the actionable insight they need to optimize capital allocation and well design.