2020 Q3 CM Venture Capital Newsletter
iRock - Leader in Digital Rock Analysis
CM Portfolio company iRock Technology (“iRock”) had won the bid of two national projects during June and July 2020, the total worth over 30 million RMB.
The Ministry of Natural Resources of China has reiterated the importance of the digitization of core information on reserve assessment and records, and information sharing of the expert database of different natural resources departments on its recent notice in May.
From June to July, iRock successfully won the bid of "Analysis of Key Parameters of Important Cores" and "Oil and Gas Core & High Precision Test Digital Library" by the Natural Resources Physical Geological Data Center of China Geological Survey Bureau under the Ministry of natural resources of China, which will open a new chapter in the domestic market of digital core analysis and will become the global leader in the field of digital core analysis.
As a part of its dedication to the projects, the company currently has made an additional investment of over 15 million RMB for new equipment purchase and employee reinforcement.
iRock will take this opportunity to adhere to the mission of "leading the global core digitization and promoting the intelligence of the resource industry", closely cooperate with the academic and industrial circles, and lead the development of the core analysis industry in the era of big data and artificial intelligence.
As the earliest professional company dedicated to digital core research, iRock has the capability of full-scale scanning analysis and the world's leading digital core research technology, and is committed to its mission to "make resources more visible". The business mainly covers the technical fields of "Integrated Digital Core Analysis and Data Solution", "Geo Intelligent Cloud Digital Core Library", and "Oil and Gas Field Intelligent Solutions", using the company's Artificial Intelligence and Big Data technologies.