Viking Venture invests in Petrostreamz AS, a software company that is a world leader in integrated asset modeling of complex oil and gas fields. The investment is also the introduction of a new investment concept by Viking Venture particularly tailored towards private investors.

Petrostreamz has developed Pipe-It, an Integrated Asset Modeling software. It enables operators to conduct advanced simulations and optimizations of oil and gas fields providing better information as a basis for important investment and production decisions.

Prestigious orders
Petrostreamz has a long history as supplier to assets on the Norwegian and British Continental Shelf with major operators such as Statoil and ConocoPhillips as customers. More recently, the company has won prestigious orders for production optimization of assets in Brazil and Saudi Arabia with customers such as Petrobras and Saudi Aramco. Petrostreamz is also involved in optimization of shale gas wells in the US and production allocation in Columbia.

Petrostreamz was established in 2006 by Curtis Hays Whitson, professor in petroleum technology at NTNU in Trondheim and a world-renowned authority in the field of Integrated Asset Modeling. The company has experienced rapid and profitable growth since the launch of Pipe-It in 2010. Petrostreamz posted revenues of 3 mUSD in 2013 and expect to almost double revenues in 2014.

Accelerate growth
Petrostreamz CEO, Mr. Jan Biti, since 2010 a strong contributor to the expansion of Petrostreamz through the investment company CoFounder, comments: ”We see an enormous market potential for Pipe-It. Viking Venture as investor in the company makes it possible to accelerate the growth internationally. We are crossing the 20-employee mark as we speak with headquarters in Trondheim and employees in Oslo, France, USA, Brazil, Indonesia and the Middle East, says Biti.

Viking Venture invests in Petrostreamz in order to contribute to strong international growth and owns 20% of the company.

”Petrostreamz is right in the middle our investment focus of growth companies within ICT and Oil & Gas technology with strong international ambitions. The company has developed a unique software product com
bined with an impressive list of customers and highly skilled and motivated employees, says Erik Hagen, Managing Partner in Viking Venture.

Prof. Curtis Whitson comments Viking Venture’s investment in Petrostreamz: ”Our ambition is always to deliver the best possible solution for optimized production from complex oil and gas fields. This requires our unique software Pipe-It, combined with skilled programmers and creative engineers that can tailor the solutions to the customer needs.  Adding the contributions from key personnel as CEO Jan Biti, chairman Knut Åm and our key advisors Hans Olav Thorsen and Harald Ellefsen makes up a strong team. Adding the contributions from a strong partner as Viking Venture makes us ideally positioned for strong continued growth, both in Norway as well as internationally.” 

Moving from investment fund to deal-by-deal investments
The investment in Petrostreamz is the launch of a new investment concept from Viking Venture tailored towards private investors.

Viking Venture invests in growth companies within ICT and Oil & Gas technology. The target companies typically have commercial revenues between 2 and 15 mUSD at the time of investment with strong international growth ambitions. 

”We experience strong interest for investments in technology based growth companies from private investors. These investors find the traditional fund based model too long and cumbersome. That has sparked a further refinement of the Viking Venture business model, a process we often run our portfolio companies through”, says Managing Partner Erik Hagen in Viking Venture.

”In the new model investors are invited to make their investment decisions deal-by-deal rather than to commit for a fund with a long time horizon. The duration of each investment is much shorter and the investor avoids the burden of the commitment to future unknown investments. A positive side effect is that the investors get a closer relationship to each portfolio company. Viking Venture has experienced very strong interest for the new model, and the first investment in Petrostreamz was considerably over-subscribed”, says Hagen.

Ready for new investments
Viking Venture will offer three to four investment opportunities to its investors every year. The second investment is already being presented to investors with strong interest.

”We see many exciting companies where the founder team is seeking assistance from active and experienced investors. The combination of 13 years experience as active investor in the venture industry and our physical presence in Norway as well as in Houston, Texas, the global oil capital, makes Viking Venture well positioned to offer the competence, the network and the funding growth companies are seeking”, says Hagen.

Erik Hagen, Managing Partner in Viking Venture.
Phone: +47 920 22 430, e-mail:

Jan Biti, CEO, Petrostreamz
Phone: +47 9014 6010, e-mail:

Curtis Whitson, CTO and founder of Petrostreamz
Phone: +47 9132 9691, e-mail:

About Viking Venture
Viking Venture is one of the leading venture investors in the Nordics with offices in Trondheim, Norway and Houston, Texas. Viking Venture is an active minority investor in growth companies within ICT and Oil & Gas technology based in the Nordics and the UK. Viking Venture has 200 mUSD under management and was established in 2001. See

About Petrostreamz
Petrostreamz is delivering software for modeling of complex systems with particular focus on the oil and gas industry. Professor Curtis Whitson established the company in 2006 in order to commercialize the software Pipe-It. The Company has 20 employees and offices in Trondheim, Oslo, USA, Brazil, Indonesia, Saudi Arabia and France. See

View article in Adresseavisen (in Norwegian only).