MemComputing Selected By Chevron Technology Ventures For Prestigious Catalyst Program
–Funding Will Enable MemComputing to Explore Applicability of Its HPC Technology to Oil and Gas Industry–
Description: SAN DIEGO, Oct. 2, 2019 /PRNewswire/ — MemComputing, Inc., developer of disruptive high performance computing (HPC) technology, today announced it has been selected for participation in the Chevron Technology Ventures (CTV) Catalyst Program. CTV’s Catalyst Program supports early-stage companies who are advancing cutting-edge technologies that can directly benefit the oil and gas industry.
MemComputing’s technology harnesses the power of physics and has shown the ability to reduce compute times from hours to seconds for the world’s most challenging computational problems. Joining the Catalyst Program will enable MemComputing to explore the applicability of its HPC technology to the oil and gas industry.
“We’ve been impressed with Chevron’s commitment to supporting innovative technology and look forward to partnering with them,” said John Beane, CEO and cofounder of MemComputing, Inc. “While the compute problems we will explore together are quite complex, we are currently achieving results with academic and industrial problem sets that suggest our technology is very applicable to oil and gas in areas such as demand forecasting and resource planning.”
About Chevron Technology Ventures
Formed in 1999, Chevron Technology Ventures (CTV), operating as a division of Chevron U.S.A. Inc., pursues new business solutions and externally developed technologies that have the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy. CTV fosters innovation, supporting vibrant startup ecosystems and championing technology integration internally. Through its investment portfolio and internal use pipeline that trials technologies for use within Chevron, CTV has supported a wide range of pioneering companies that are helping to shape the future of energy. Visit www.chevron.com/technology/technology-ventures.
MemComputing, Inc.’s disruptive technology dramatically reduces the time to find practical solutions to the world’s most challenging optimization problems. MemComputing delivers the performance expected of quantum computing with its non-quantum solution. The company’s Virtual MemComputing Machine is free to evaluate. Dr. Massimiliano Di Ventra and Dr. Fabio Traversa, co-inventors of the memcomputing technology, co-founded the company with John A. Beane, a successful serial entrepreneur. Visit https://memcpu.com to learn more.
SOURCE MemComputing, Inc.