OilX, a London-based startup providing data analytics and market intelligence for the oil industry, has raised $2.2 million from Citi and South Korea’s GS Caltex. The funding will allow the company to invest in data engineering and expand its application from crude oil to refined products. Founded in 2018, the company has developed a supply-demand balance tool that visualises data drawn from satellites and marine intelligence, through the Joint Organisations Data Initiative (JODI) and Industrial Info Resources Energy (IIR Energy).
The real-time digital overview allows oil traders and other analysts to monitor fluctuations and identify patterns in a lucrative, mercurial market.
CEO Florian Thaler explained why the two investors are the right fit for OilX: “We are an oil tech startup, working at the intersection of oil and fintech, with a truly global client base. GS Caltex is deeply rooted in Asian physical oil trading markets, owns one of the largest refining assets in the world and is at the forefront of digitalization in the Korean energy sector. Citi is pioneering fintech engagement and has a strong global FICC presence which makes it the ideal partner for our next growth phase.”