Innovative firm has $100M in backing for developing emerging technologies

Innovative ideas need a creative way to become real.

A new, early stage technology development company called NextStream Growth I is designed to help make that happen.

NextStream, company officials said, is backed by $100 million in capital provided by its parent company, Baker Hughes, a GE company, and other investors.

NextStream will use those dollars to acquire and develop emerging technologies focused on the oil and gas industry.

James Roller, NextStream's managing director, said the company's business model is to help entrepreneurs get emerging technologies involving equipment and software from conceptual ideas into the field.

Besides providing them with research-anddevelopment support, it also will help them hone their commercial focus and leadership skills so they can evolve into successful, sustainable businesses.

Roller said NextStream is working with five different companies to help develop their projects, initially, adding that specifics about those are forthcoming.

Both NextStream and those entrepreneurs are working at the BHGE Energy Innovation Center of North America in Oklahoma City. Some work also is happening at other facilities in the Houston area.

As those first five companies launch successful products, Roller said, NextStream plans to take on new projects involving

those and other companies.

“Nimble and flexible startups have an important role to play in providing accelerated go-tomarket solutions for the oil and gas industry,” Roller said.

“NextStream is uniquely positioned to fund, develop and bring to market advantaged, disruptive technologies at an accelerated pace.”

Derek Mathieson, a NextStream board member who also is the chief marketing and technology officer at BHGE, noted NextStream’s creation was a logical next step for Baker Hughes to take after creating the innovation center earlier this year.

“Our initial investment and infusion of technology will provide a valuable starting point for NextStream to scale technology independently with the agility required for startups,” Mathieson said.

Besides Baker Hughes, Roller said other investors

in NextStream include current and former oil and gas executives, venture capitalists and private wealth individuals, plus executives from other industries.

“We really are a technology holding company that is designed to enable and accelerate technology development firms to create returns for our investors,” Roller said. “The model we have set up is designed to continue to find those new opportunities, make ground-floor investments and to get those to the market.

“That will create real opportunities ... to create positive returns for our investors.”

The announcement of NextStream’s creation was welcomed Thursday by Katy Boren, president and chief executive of the Oklahoma City Innovation District.

“NextStream is poised to enhance the innovation community that has a strong pipeline of technology in the region,” she said. “We are excited to work with them and support the investments as they grow.”