Monday, July 16, 2007

DynaPump Raises $12M

Northridge-based DynaPump, a manufacturer of equipment for the oil and gas industry, said today that it has raised $12M in a Series C round of equity financing. The round of convertible preferred equity financing came from DFJ Element, which led the round, along with NGP Energy Technology Partners and Chevron Technology Ventures. DynaPump is a manufacturer of surface mountained artificial lift systems for the oil and gas industry, used by oil well companies. The firm said that its product provides a large reduction in energy requirements, adds computer controlled operation and other features which increase production efficiency. David Lincoln of DFJ Element and Philip Deutch of NGP will join the firm's board of directors. More information »