A reception was held to mark the opening of software company Cognitive Geology’s new offices in Edinburgh, with a prediction that they may already struggle to cope with its rapid expansion.
The company is one of Scotland’s fastest-growing tech start-ups and has taken a sixth floor suite at 40 Torphichen Street.
Cognitive Geology was founded by geologist Luke Johnson in 2014 to design and build specialist software for geoscientists in the oil and gas industries with the aim of improving accuracy in finding, appraising and developing oil and gas reserves.
“I launched Cognitive Geology right in the middle of the worst downturn in a generation,” he said.
But in four years the firm has expanded and in the last year alone has seen its headcount rise from 13 to 25.
IT specialist Eileen McLaren, who helped the unicorn businesses Skyscanner and FanDuel scale from startup to global success, has joined the board.
“Our new Edinburgh headquarters were designed to house 40 staff – it’s now predicted we could outgrow them by the end of the year,” said Mr Johnson.
The business recently raised a $2.7 million seed funding from Maven Capital Partners and Enzo Ventures to promote its geological data analysis products and to further develop the range of product solutions..
A niche but lucrative market, the geoscience software industry is estimated to be worth an annual $4.5 billion and this figure is predicted to double over the next few years as antiquated software is replaced by next generation technology solutions.