The Smart Drilling project by Geosteering Technologies company has become the best in the Power&Energy track of the GenerationS federal accelerator. This triumph lead the team's way to the final of the accelerator where the winners are going to share a prize of RUB 16,000,000.
The goal of the project is to develop the software that ensures growth of oil-well drilling performance and 5-7% idle time reduction. Developers suggested to use a hybrid physical & static model in the course of engineering support for oil-well construction.
The accelerator offers both intramural and extramural educational cycles to ensure follow-up revision of projects with various stages of completion in order to grow their investment potential. Over 500 applications were submitted for participation in Power&Energy track. Final evaluation of the projects was performed based on several criteria including technological potential of the development, capacity of the target market, competitive environment, scalability potential, team etc.
"GenerationS acceleration program enabled us not only extend our theoretical knowledge of major project development areas, but also to address practical challenges together with financial, marketing and sales professionals. Among other things, we have refined and adjusted our business model and roadmap. Besides, we have reached agreement with our potential partners. Gazpromneft was notably one of these partners," says Sergey Stishenko, CEO of Geosteering Technologies, about the results of semi-final of the accelerator.
GenerationS is the most prominent accelerator for technological start-ups in Russia and East Europe. As part of accelerator educational program, the best projects that are selected based on the multilevel expert evaluation receive extensive support and ample opportunities to attract investments.