In the News

Press Releases & News

May 5th, 2016:  Harry Brekelmans, Projects & Technology Director, Royal Dutch Shell plc encouraged the oil and gas industry to eliminate waste and increase efficiency during a presentation entitled “Forging a World Leading Supply Chain” offered at this year’s Offshore Technology Conference.  He cited Veros ForeSightTM as an example of an “off the shelf” technology that Shell is using to better plan their maintenance programs.

September 23rd, 2013:  "Veros Systems, which sells a monitoring system for industrial equipment, has raised $8 million from backers including the investment arm of energy giant Chevron. Veros, which commercialized technology from Texas A&M University, moved its headquarters from College Station to Austin this year. In addition to Chevron Technology Ventures, which is based in Houston, investors were Austin Ventures and LiveOak Venture Partners. The company was founded by Tommy Knight, former CEO of Halliburton subsidiary Brown & Root Inc., and Alexander Parlos, who serves on the mechanical engineering faculty at Texas A&M. In 2006, Veros secured a license from the Texas A&M University System to commercialize technology developed by Parlos.Veros previously received a $1.5 million investment from the state-run Texas Emerging Technology Fund."

September 23rd, 2013:  "Asset monitoring company Veros Systems Inc. has completed an $8 million Series A round of funding.

The West Lake Hills-based software maker collected the capital from Houston-based Chevron Technology Ventures, Austin Ventures LP and Austin-based LiveOak Venture Partners."

June / July 2013:  "Asset failure is not an option. In oil and gas operations, nothing is more important than ensuring assets operate their peak performance all day, all night, every day of the year.

These systems are often geographically located in some of the world's furthest corners and and toughest environmental conditions. Downtime is measured in minutes and the cost of system failure for even a single day is calculated in millions of dollars. Under these challenging and often dangerous conditions, failure is simply not an option.

It is now possible to use electrical waveform analysis to root out the cause of electrical and mechanical failures well before they happen. Unlike previous generations of vibration analysis, today's software is completely non-intrusive and monitors the condition of an electrically-driven motor or motor-driven asset 24/7. It checks performance in real-time against established baselines."

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