Oseberg, an energy tech startup based in New Orleans and Oklahoma City, has raised $10 million in private equity to help fund new product development and expansion plans.

The company is planning several new hires at its New Orleans office in 2016.

Company leaders describe Oseberg as theBloomberg for the energy industry.” The company develops software and research tools oil and gas companies can use to quickly sift through public filings and analyze information on well designs, geological formations and drilling costs.

President James Yockey, a New Orleans native, led the effort to open a New Orleans office in 2014.

As Oseberg expands, Babst said the company will probably need to hire three to four employees each in New Orleans and in Oklahoma City.

He said the company recently hired a data analyst in New Orleans.

Each states is almost an entirely new product,” Babst said.