GroundMetrics, Inc., a San Diego, CA-based developer of advanced sensing technologies and noise mitigation methods for geophysical survey applications, said it raised $1.2m in Series A financing to develop prototypes of its electric field sensing technology for field system validation tests conducted on a major oil field in the Middle East.
The company, which raised through the Tech Coast Angels (TCA) is currently assessing opportunities for strategic alliances and developing a Series A2 financing package.
Founded in 2010 and led by George Eiskamp, CEO, GroundMetrics commercializes a new class of sensing technology for geophysical applications and to provide advanced survey and monitoring services directly to energy, mining, and environmental companies.
Applications for its technologies include oil production monitoring for process optimization and mineral exploration, as well as broader applications in oil exploration and field development, geothermal exploration, carbon capture and storage monitoring, geothermal exploration, and geophysical science research.
The company also received a Phase I SBIR grant from the Department of Energy to conduct research into carbon capture and storage applications.
FinSMEs
24/09/2012