MaverickX lands $8M, with an oil producer leading the round
The Austin startup's chemistry-based technology aims to squeeze more crude out of existing shale wells, and Chord Energy led the funding.
AUSTIN — MaverickX, which develops chemistry-based technology to boost production from shale oil wells, has raised $8 million, according to deal disclosures. The round was led by Chord Energy, a publicly traded oil and gas producer, with participation from Olive Tree Capital, and brings the company's funding to date to roughly $27.5 million.
MaverickX's approach centers on production-enhancement chemistry — treatments intended to recover more crude from wells that operators have already drilled, extending output without the cost of new drilling. Having a major producer lead the round rather than a traditional venture firm signals a strategic bet: an operator investing in a technology it could deploy across its own fields.
Why it matters
Texas remains the center of gravity for U.S. oil production, and Austin has quietly built a base of energy-technology startups serving that industry. Strategic capital from an operator like Chord suggests the sector is looking to software and chemistry to wring more out of aging shale assets as the economics of new wells tighten.
Reported by Next in Austin. Based on reporting from Texas CEO Magazine.
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