GroundMetrics Inc., a San Diego CA-based electromagnetic survey company, raised $2.73m in Series B financing.
Backers included Cowboy Technology Angels, Tech Coast Angels, Crescent Ridge Partners, ACE Fund, Harvard Business School Alumni Angels, and Peter Landin. In addition, GroundMetrics and Silicon Valley Bank are working together on a growth capital facility that will leverage the equity investment.
The company intends to use the funds to scale up infrastructure, ramp up sales and marketing efforts, and hire and deploy field crews.
Led by George Eiskamp, CEO, GroundMetrics provides advanced survey and monitoring services directly to oil, gas, and geothermal companies, as well as carbon sequestration organizations. Its sensor systems capture high fidelity geophysical data that enable production of full-field electromagnetic images of the subsurface.
In 2013, the company worked on various projects with industry leaders such as Saudi Aramco, Statoil, the U.S. Department of Energy, the California Energy Commission, and the CO2 Capture Project comprising BP, Chevron, Suncor Energy, ENI, Petrobras, and Shell.