GroundMetrics, Inc., a San Diego CA-based provider of electromagnetic sensing technologies for geophysical applications, closed a $1.5m second funding round.
This round was led by the Tech Coast Angels (TCA), with participation from the Rady Venture Fund, La Costa Investment Group, Crescent Ridge Partners Ventures, and Rancho Santa Fe Partners, as well as other backers from Cyprus, Dubai, Great Britain, and India.
The company intends to use the capital to complete product engineering and initiate commercialization.
Founded in 2010 and led by CEO George Eiskamp, GroundMetrics provides oil, gas, mining, geothermal, and environmental companies with electromagnetic sensing technologies for geophysical applications and advanced survey and monitoring services. The company’s sensor systems are designed to provide high quality data while operating in challenging environments such as the desert, frozen tundra, and solid rock in addition to extremely hot and cold temperatures. Its low power transmitter can penetrate reservoirs at depth and enable imaging between and beyond oil wells without deploying instrumentation in the oil well.
24/09/2012: GroundMetrics Raises $1.2M in Series A Financing