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Oil And Gas Tech Startup Completes Huge Round Of Funding

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RigUp Inc., an oil and gas technology startup, has completed a $15 million Series A round of funding.

The Austin company that was founded in 2014 plans to use the capital to hire additional workers and expand its business, company officials said Friday.

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RigUp — which was co-founded by Sandeep Jain, a former Alphabet Inc. (Nasdaq: GOOG) software engineer, and CEO Xuan Yong, a former energy commodities investor — operates an online platform designed to enable oil and gas companies to solicit vendor bids from service companies, automate pricing analysis and meet environmental, health and safety compliance mandates. It employs 28 workers, including 22 in Austin.

RigUp claims as customers more than 9,000 service companies that work with 80-plus exploration and production companies transacting more than $150 million per month in oilfield service activity.

Yong was previously a senior analyst for the Citadel Investment Group and Kortright Capital, while Jain, the company’s chief technical officer, was a software engineer at what was then called Google, according to their online profiles.


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