AUSTIN, TX, Pioneer provider of real-time subsurface fluid flow monitoring for oil and gas production optimization, recently announced that it has secured funding of approximately $4M.
Seismos Inc. (Seismos), the pioneer provider of real-time subsurface fluid flow monitoring for oil and gas production optimization, recently announced that it has secured funding of approximately $4M to power its market rollout and product enhancement efforts.
Known as the K-wave Company, Seismos' primary focus is on the CO2 enhanced oil recovery (EOR) market where producers have no practical or cost-effective method to track underground CO2 flows during production operations. This results in the loss of up to half of injected CO2, the single largest operating cost component during production and a contributor to the huge opportunity cost of unrecovered oil resources.
'The intersection of innovative approaches and large business problems, led by inspiring, committed teams is exactly what we love to get behind,' said Noah Doyle, general partner of Javelin Venture Partners. 'We believe Seismos provides a powerful and needed solution for the energy industry, and we are excited to collaborate and support the team to continue its ascent into a great company.'
Conventional methods of fluid monitoring currently take months to acquire and process data, causing disruptions in production and costing millions of dollars. With producers investing millions to build their project infrastructure and with fixed CO2 supply contracts, Seismos delivers a valuable solution to maximize the return on investment of their CO2 EOR projects. The Seismos solution consists of field-installed low-impact emitters and seismic sensors connected to a cloud-based data processing platform that generates maps of CO2 movement over time. With deployment lead times of less than 90 days and first-year ROI upwards of 100 percent, Seismos provides immediate and tangible financial benefits to operators.
'We are entering a new era for the oil and gas industry where technology-driven solutions, particularly via real-time, field-deployed data acquisition and analytics systems, will dramatically reduce the cost of production for our entire industry,' said Seismos founder and CEO, Panos Adamopoulos. 'Seismos' solution, especially with the recent commodity price decline and emphasis on efficiency and cost controls, produces a rapid return on investment through immediately actionable information. We are grateful to have the support of investors who bring a wealth of experience and expertise in developing enterprise-class software and building successful energy technology companies.'
The $4M funding round was led by Javelin Venture Partners with participation from Osage University Partners and other oil and gas technology-focused investors, including Kemal Farid, founder of Merrick Systems; Donald Kendall, CEO of Blue Earth Capital Inc.; and Geoff Hicks, founder of Hicks Oilfield LLC. Noah Doyle, Javelin Venture Partners general partner, has joined the Seismos board of directors.
Seismos, the K-wave Company, is a data analytics company for production optimization providing proprietary solutions enabling real-time, underground fluid flow monitoring, inside the reservoir, during production. Monitoring fluid movement with conventional seismic technologies requires months for data acquisition and processing, disrupts production and costs millions. Seismos breaks this paradigm and solves all problems associated with conventional methods by providing real-time information, at a fraction of the cost, through its proprietary, cloud-based K-wave technology that is non-invasive to production and to surface operations. In addition to its proprietary developed technologies and software, Seismos has an exclusive technology licensing agreement with the Lawrence Berkeley National Laboratory for all applications of its K-wave and related patent portfolio.
Seismos, headquartered in Austin, Texas, with offices in Houston, has been well recognized for its advances to improve real-time fluid flow monitoring for enhanced oil recovery. Seismos' proprietary technology will also feature a product suite to service hydraulic fracturing optimization, CO2 sequestration and other applications where the oil and gas industry is seeking innovative solutions to solve these large business and operating performance challenges.
Javelin Venture Partners is a venture capital firm based in San Francisco, established in 2008 with $330M under management and currently investing from its third fund. Javelin was founded by entrepreneurs who have each founded, built, and scaled multiple businesses to highly successful outcomes. Javelin embraces that spirit of entrepreneurship to make investments in capital efficient and scalable early-stage companies, enabling the next generation of founders to build sector leading, high growth technology businesses. For more information, visit www.javelinvp.com.
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