Boyett Petroleum invests $1 million in Colorado-based Cipher Skin startup – looking for cutting-edge, disruptive monitoring solutions for their fuel distribution network
[January 16th, 2020 – Modesto, California] Boyett Petroleum, the premier independent fuel supplier and retailer in the West, announces that it is investing $1 million in Cipher Skin Inc. – a Colorado-based data technology startup specializing in pipeline asset integrity monitoring including leak and flow detection.
As they were actively looking for innovative, cutting-edge monitoring solutions for their extended fuel distribution network, Boyett Petroleum said that the fully integrated nature of Cipher Skin technology quickly drew their attention.
Dale Boyett, CEO of Boyett Petroleum, confirmed: “Innovation is in our DNA. We strive to deliver the ultimate, high quality services to our customers, through new, disruptive technology. We were trying to find a monitoring solution that could help us characterize – instantaneously, remotely and with the highest precision – the fluid running through pipes, as well as the flow rate of that fluid. One solution stood out: Cipher Skin Pipe Sleeve.”
Deployed around a pipe, Cipher Skin Pipe Sleeve can remotely measure continuously, and in real time, all kinds of forces that act on a pipeline. Cipher Skin’s ability to monitor effectively derives from its technology’s unique strength: a groundbreaking, flexible mesh lattice that enables sensors to cover the whole surface of the pipe and take multiple measurements concurrently to capture robust, authentic data. All data is automatically transmitted wirelessly to an application that gives a real-time 3D representation of the pipe.
Phillip Bogdanovich, CEO and Co-Founder of Cipher Skin, specified: “Because we can integrate a near infinite number of sensors into the mesh, not only are we able to locate and characterize – in real time – the type of distortion applied to a pipe, but also measure flow and fluid density inside it.”
And there is more: Cipher Skin Pipe Sleeve can be deployed and operated at a very low expense compared to current solutions – no more costs related to bulky installation, splicing, welding or external data management.
Phillip added: “We are delighted about this new partnership – As a family-owned, large, established company, Boyett shares values that are key to Cipher Skin: a strong innovative spirit, close relationship with their customers, business integrity and a desire to move quickly.”
The highly promising partnership will start Q1 2020, along with product pilots through Boyett Petroleum’s partner network.
On their way to closing a $5 million fund raise, Cipher Skin caught the interest of other major oil & gas companies, from the United States and Europe.
About Cipher Skin
Cipher Skin Inc, www.cipherskin.com, is a Colorado-based company that revolutionizes the way data – on any physical object – is collected, reported, analyzed and monitored. Our goal is to provide users with gapless, authentic data that matters most. Based on the team’s expertise in high-quality sensors and analytical tools, Cipher Skin has developed a groundbreaking technology – a cloud-connected sensor mesh, embedded in garments, that measures key metrics and tracks movement in three dimensions. With unlimited access to authentic data, Cipher Skin opens up an exciting world of possibilities to monitor pipeline asset integrity, predict leaks and points of failure. With a raised capital of more than $1.35 million, Cipher Skin is on the way to disrupt a $700 billion market size including fluid distribution as well as life sciences.