Cold Bore Technology develops SmartPAD, an end-to-end integrated software and hardware platform that collects, analyzes, and reports data to drive safer, more autonomous completions operations. The platform is positioned to unlock step-change improvements across key performance indicators by better utilizing previously underused data. SmartPAD deployments were on pace to exceed 100% year‑on‑year growth in 2021 as operators adopted the technology to meet ESG commitments and improve safety. A recent implementation with Hibernia Resources reduced completions program duration by 15 days (27%) with corresponding cost and emissions reductions. The company is scaling to meet increasing demand and is partnering with strategic investors and customers to expand deployments. Cold Bore is based in Calgary, Alberta and lists existing investors including the Rice Investment Group. Cold Bore Technology is a global leader in completion optimization technology based in Calgary, Alberta. Its SmartPAD™ service combines patented valve-positioning and pressure-monitoring sensors, field data collection systems, and proprietary software to provide an Electronic Completions Recorder and Remote Frac Operating System. The industrial IoT platform enables real-time operational data to be accessed remotely by those monitoring onsite activity. In the past six months the company has signed and executed service agreements with fracking operators throughout North America, including six of the top 10 producers. Proceeds from the recent financing will be used to scale Cold Bore’s teams and technology to meet strong market demand. The company emphasizes delivering tangible completion-cost savings to operators through data-driven optimization. Cold Bore Technology builds Industrial Internet of Things-based fracturing optimization software, including its SmartPAD electronic completions recorder and remote frac operating system. The company uses proprietary algorithms and machine learning to drive Positive Efficiency Gains, address Non-Productive Time in the field, reduce completion program duration, and deliver cost savings. Cold Bore reports an established customer base and expects increasing cashflow as market adoption continues. Management is led by Blair Layton, Brett Chell, and Nicolai Pacurari, and the board includes Toby Rice, Murray Smith, Blair Layton, Gregg Sedun, and Glen Hawker. The company plans to deploy invested capital toward enhancement of its data analytics platform, marketing initiatives, and general corporate purposes. Cold Bore is headquartered in Calgary, Alberta, and is actively pursuing expansion in both the United States and Canada as noted in the release.

Total raised

$14M

Funding rounds

3

Latest round

Equity

Latest activity

Jul 2021