ARKeX Scores High with $30MM Fundraising
Monday, June 30, 2008
ARKeX has successfully raised $30 million (£15.4 million) in a deal that marks the largest venture capital round in its sector for five years.
The investment was led by Ferd Venture of Oslo, Norway, and included existing investors Energy Ventures of Stavanger, Norway; Scottish Equity Partners of Glasgow, UK; and members of ARKeX senior management. This is the third round of funding raised by ARKeX since 2004 and the largest venture round for a service company supplying the onshore and offshore oil and gas E&P sector since 2003.
ARKeX’s technology has already had a significant impact on exploration strategy by reducing overall exploration risk, making it a valuable leading-edge exploration tool for major energy corporations.
The company will use the funds to expand the operational capabilities of its airborne BlueQube gravity gradiometry imaging service and to accelerate production of its proprietary technology, the Exploration Gravity Gradiometer.
ARKeX’sgravity gradiometry technology measures minute variations in the earth’s gravitational field. It helps resolve complex geology, overcome seismic imaging difficulties and survey large areas quickly and cost effectively. Gravity gradient imaging is becoming an increasingly important tool for oil, gas and mining exploration companies, and the new investment will take ARKeX’s BlueQube service to more globally diverse energy basins.
"ARKeX has demonstrated the huge potential for BlueQube and the unique EGG. With demand for oil soaring, new technologies such as the ones ARKeX is developing and utilizing, will be at the forefront of worldwide exploration strategy. The potential for long-lasting competitive advantage gives ARKeX exactly the company profile in which we like to invest," said Helge Hellebust, Partner at Ferd Venture.