Service company Seismos Inc. secured about $4 million in funding to support its market rollout and product enhancement efforts, the company said April 7.
Venture capital firm Javelin Venture Partners led the funding round. Osage University Partners and other oil and gas technology-focused investors, including Kemal Farid, founder of Merrick Systems, Donald Kendall, CEO of Blue Earth Capital Inc., and Geoff Hicks, founder of Hicks Oilfield LLC, participated.
Seismos provides the CO2 EOR market with field-installed, low-impact emitters and seismic sensors connected to a cloud-based data processing. Producers need practical and cost-effective ways to track underground CO2 flows during production, the company added.
Conventional methods of fluid monitoring acquire and process data over months, and it is costly and disrupts production, Seismos said. Deployment lead times for Seismos’ products are less than 90 days. First-year return on investment is upward of 100%, the company said.
Noah Doyle, general partner at Javelin, joined Seismos’ board of directors, the company said.
Seismos Inc. is based in Austin, Texas.
Javelin Venture Partners is based in San Francisco.
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