PrePad, a Calgary-based leader in energy tech, has secured C$3.9 million in seed funding to support its mission of optimizing drilling and completions through innovative software solutions.
The milestone marks a significant step in the company’s journey to establish a new market category focused on capital lifecycle management and asset development strategies within the energy sector.
“We’re very pleased to complete this round of funding, which represents a significant milestone for us as we establish a new market category for drilling and completions software,” said Sean Hervo, Co-Founder and CEO of PrePad. “With this investment, we have the support and resources needed to deepen our U.S. market presence, bolster our go-to-market organization, and accelerate product development.”
The seed investment includes both dilutive and non-dilutive components, with key support from U.S. oil and gas producer Devon Energy as the strategic lead investor alongside angel investors such as Deane Stewart and Dan Magyar, both formerly with 3esi-Enersight (now Aucerna). Alberta Innovates, Chevron Technology Ventures, and the Business Development Bank of Canada (BDC) also provided non-dilutive funding. To date, the Company has raised C$5 million.
The funding support enables PrePad to continue its growth and deliver value-driven software solutions to energy industry leaders, including Chevron, Devon Energy, Shell Canada, Coterra Energy, Birchcliff Energy, and Teine Energy.
“PrePad isn’t just building better software — they’re defining a new category for how drilling and completions decisions get made,” said Deane Stewart, one of the company’s early angel investors. “The leadership team brings deep operational insight and technical rigor to a space that’s long been underserved by modern tools. Supporting their journey was an easy decision — and the traction they’ve earned with top-tier operators validates that this is a company to watch.”
PrePad’s software platform is unique in its ability to optimize well manufacturing economics by enabling users to precisely simulate the cost, time, and production interdependencies of any scenario. The company’s industry-first completions cost and time simulation model is a game-changer for energy companies, offering unprecedented insight into project economics.
Brandon Eidson, Co-Founder, President, and Chief Product Officer, emphasized the simplicity and sophistication of PrePad’s software: “Our goal is to enhance energy workers with unprecedented simulation software that helps streamline workflows, optimize designs, and resolve debates, ultimately providing maximum value to the energy sector.”
PrePad’s recognition as a Disruptive Digital Innovator at the 2024 Global Energy Show Canada further highlighted the company’s rapid growth and innovation within the sector.
As the company expands its U.S. operations and continues to partner with key industry players, PrePad’s innovative solutions are poised to drive growth in the energy sector. PrePad’s selection for Chevron Technology Ventures’ Catalyst Program in 2024 and their co-presentation at the SPE Hydraulic Fracturing Technology Conference earlier this year further solidify their role as a disruptor in the energy tech space.
PrePad was co-founded in 2021 by Sean Hervo and Brandon Eidson, both former employees of Shell Canada. The company has headquarters in Calgary and Houston which reflects its strong and growing presence in Canada and the U.S.