GroundMetrics Lands $2.7M to Expand Geophysical Survey Technology
San Diego-based GroundMetrics says it has raised over $2.7 million to advance its geophysical sensing technology in an extended Series B financing led by Cowboy Technology Angels, an Oklahoma angel group comprised of alumni and friends of Oklahoma State University.
GroundMetrics was founded four years ago with advanced electromagnetic sensing technology developed by Quasar Geophysical Technologies, part of San Diego’s Quasar Group of companies, which bills itself as a world leader in low-frequency electromagnetic sensing systems that operate at room temperatures (at frequencies from 0.01 Hz to 500 Hz).
As we reported previously, these electromagnetic sensors are sensitive enough to detect seemingly infinitesimal electrical currents deep underground—as well as variations in the conductivity among different types of geological formations. Because oil, gas, and carbon dioxide resist conductivity, the technology can help pinpoint underground oil and gas deposits.
In a statement, GroundMetrics CEO George Eiskamp says: “Having the Cowboy Technology Angels lead this round was a great endorsement of GroundMetrics. Their members are active in the oil industry and some even own and operate oilfields themselves. They understand the nuts and bolts of the business and have already facilitated key introductions. Our growth strategy is very much aligned with the Cowboys so we’re excited to have them at the table.”
The latest financing brings total investor funding for GroundMetrics to over $6 million since 2010. The Tech Coast Angels also participated in the deal, along with Crescent Ridge Partners, Harvard Business School Alumni Angels, the ACE Fund, and Peter Landin, a former managing director and CEO of the Americas for Barclays Global Investors.
In addition, GroundMetrics and Silicon Valley Bank are working together on a growth capital credit facility.
The funding is intended to help the company expand, increase its sales and marketing efforts, and hire additional field crews.