• GroundMetrics

  Participated · Equity · Apr 2013

  GroundMetrics builds land-based electromagnetic sensor systems and delivers high-fidelity geophysical data and full-field electromagnetic images of the subsurface for energy and carbon-sequestration customers. The company has made critical intellectual property advances, developed backend analytical tools for modeling sensor data, and executed numerous field surveys. Customers and partners have included Saudi Aramco, Statoil, the U.S. Department of Energy, the California Energy Commission, and the CO2 Capture Project (BP, Chevron, Suncor, ENI, Petrobras, Shell). Management was strengthened through new hires and the company reports repeat business with a portfolio of blue-chip customers. GroundMetrics is positioning its technology to capitalize on increased U.S. oil production and industry investment in exploration innovation. The Series B proceeds will be used to scale infrastructure, ramp up sales and marketing, and hire and deploy field crews. GroundMetrics develops electromagnetic sensing technologies and advanced survey and monitoring services for oil, gas, mining, geothermal and environmental customers. Its sensor systems are designed to capture high‑quality data while operating in extreme and challenging environments such as desert, frozen tundra and solid rock. The company offers a low‑power transmitter capable of penetrating reservoirs at depth and enabling imaging between and beyond oil wells without deploying instrumentation in the well. GroundMetrics intends to use the new capital to complete product engineering and initiate commercialization of its systems. The company was founded in 2010 and is led by CEO George Eiskamp. The article notes a prior $1.2M Series A raise in September 2012. GroundMetrics develops electric-field sensing technology and noise-mitigation methods for geophysical survey and monitoring applications. The company commercializes sensor systems and provides advanced survey and monitoring services to energy, mining, and environmental customers. Its sensors are designed to operate where traditional technologies cannot, enable long-term continuous monitoring, streamline permitting, and reduce survey time and costs. Proceeds from a $1.2 million Series A financed through Tech Coast Angels were used to build prototypes and complete field validation on a major oil field in the Middle East. GroundMetrics was founded in 2010 and is assessing strategic alliances while developing a Series A2 financing package. The company also received a Phase I SBIR grant from the U.S. Department of Energy to research carbon capture and storage applications.

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