Thursday, April 24, 2014

Groundmetrics Digs Up $2.73M In Series B Funding

San Diego-based GroundMetrics, a developer of electromagnetic surveying technology used by the oil and gas industry, has raised $2.73M in a Series B funding round. According to the company, the funding came from Cowboy Technology Angels, an Oklahoma-based angel group made up of oil industry executives. The funding also included Tech Coast Angels, Crescent Ridge Partners, ACE Fund, Harvard Business School Alumni Angels, and Peter Landin, former Managing Director and CEO/Americas for Barclays Global. The company also said is working to raise an additional amount of debt funding from Silicon Valley Bank, although the size of the debt facility it is seeking was not announced. GroundMetrics provides geophysical data and imaging of subsurface, underground projects. The company says it has projects ongoing with Saudi Aramco, Statoil, the U.S. Department of Energy, and others. More information »