Wireless well firm Acoustic Data has announced the closure of a £5.6million investment deal from Energy Growth Momentum (EGM).
A London-based energy investor, EGM’s funding will allow Acoustic Data to grow its team and work on increasing demand for the company’s downhole pressure and temperature gauge system.
Acoustic Data say that its SonicGauge is “aimed at reducing the Capex and Opex associated with downhole data acquisition in both onshore and offshore oil and gas wells”.
John Wilson, partner at EGM, said: “We are really excited about Acoustic Data’s growth trajectory. The company combines a disruptive technology platform with a team that has experience scaling businesses in the sector. Now, more than ever, clients are demanding real-time data to make informed investment decisions. With an accumulated downhole run-time of 80 years, the SonicGauge system has the track-record and potential to make a big difference in the industry.”
Mark Tolley, CEO of Acoustic Data, added: “Our team has built and commercialised a world-class technology without any external funding to date. Now the R&D phase is complete, it’s time to rapidly scale the sales and operations arm of the company globally. EGM’s investment allows us to engage the key personnel required to deliver against our internal goals and to expand our manufacturing facility to meet demand that’s outstripping our current capacity.”
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