Tankfull – 8 September
This week we present Tankfull: a startup that is looking to make big changes in the oil and gas industry. Tankfull has the industry lead in oil/gas tank sensor technology and is planning to use it to increase speed and efficiency to an unprecedented degree.
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Monitoring tanks manually is currently the status quo for the oil and gas industry. A worker needs to drive to each tank to measure and record the tank level and pump rate several times per month. Tanks are scattered across large rural areas for the most part, injecting chemicals into wells and pipelines. There are an estimated 350,000+ chemical tanks in the North American oil field industry. Manually monitoring these tanks costs time, money, adds emissions to the atmosphere, and decreases the safety of operations. It also leaves procurement, accounting, and chemical manufacturing/logistics personnel working without real-time data. This current system has inefficiencies at every level.
Tankfull has developed sensors that monitor tank levels automatically, with no human input, and reports them to the operator wirelessly in real-time through the internet connected device of their choice. Tankfull has the industry lead in sensor technology in regard to level of accuracy, battery life (+10 years), and ease of use. Tankfull is the only company to use a completely wireless sensor with an IR laser to provide tank level monitoring in the industry. They can connect their sensors into a customer’s existing ERP software or their customer can use Tankfull’s web platform to monitor their tanks.
There are several companies that have attempted to provide a solution to this problem before, but there is currently no real competition with a large market share in this sector. All the previous competitors have relied on last generation technology for their solutions. Tankfull’s advantage over their competition is their sensor quality, capabilities, and ease of use – making their device far superior while retaining a similar price point to their competitors. Tankfull’s leadership has recognized opportunities that their competition has so far overlooked.
Their sensor is currently undergoing the certification process for use in hazardous environments through CSA. This certification is required for the oil and gas industry and will be completed by early Fall 2021. They currently have trials planned with major oil service companies and are working to add partnerships with other companies in different segments of the oil and gas market that could benefit from their solution.
Tankfull’s largest hurdle this year is identifying and hiring the correct talent for the Tankfull team. To do this correctly, Tankfull plans to lean on close industry contacts with extensive experience and connections in the field of oil and gas and software development and support.
Adam Curtis, General Manager – Adam has spent his entire career in the oil and gas industry, starting in construction and maintenance, and most recently working for PureChem Services. Following his graduation from the University of Regina with a B.Sc. in Combined Chemistry and Biochemistry, Adam worked at PureChem Services for 10 years, finishing as a Technical Representative. In his time there he worked in most major areas of the Western Canadian oil field. Adam was employee number 6 at PureChem and helped outfit and run their first analytical lab, establishing their QC program and getting their first blend plant operational prior to his work as a field technical representative.
Tankfull is looking to raise $2,000,000. The investment will be used to hire a small software development/support team and a customer service and integration specialist to support the sales and operations of Tankfull’s sensors and software platform. The money will also be used to expand operations to the U.S. oil and gas market following the Canadian launch.
Tankfull is still in the early stages of development and has received support from its founders to this point. This current round of financing will represent the first larger influx of capital into the company.
Tankfull plans to hire up to four software developers and one customer service and integration specialist. They also plan to hire an initial sales person in the Texas area for their entry into the U.S. oil and gas market with further plans to expand the team as their sales continue to grow.
Tankfull functions similarly to a SaaS company, but with a hardware component. They have the exclusive rights to sell their proprietary, industry leading sensor solution to the oil and gas industry. Tankfull is responsible for identifying sales opportunities, selling sensors, and supporting the sensor’s operations and the software platform that enables their functionality. Tankfull generates revenue from sensor sales as well as a monthly connectivity fee for operational sensors.