Motive Drilling Technologies, an oil drilling guidance system developer incubated by Hunt Consolidated, has raised $10.5m in a series A round co-led by GE Ventures.
US-based drill guidance system developer Motive Drilling Technologies secured $10.5m yesterday in a series A round co-led by GE Ventures, which acts as General Electric’s corporate venturing arm.
GE co-led the round with venture capital firm Formation 8. Motive was incubated by oil exploration company Hunt Consolidated’s Hunt Energy Enterprises unit.
Motive has developed a drilling guidance system that uses algorithms based on data analytics, real-time drilling dynamics and economic modelling to give turn-by-turn instructions for optimised directional drilling in horizontal oil wells.
Victor Liu, president of Hunt Energy Enterprises, said: “We at Hunt Energy Enterprises are pleased to have incubated and spun out Motive Drilling Technologies.
“The team developed a very novel solution to the challenges presented within unconventional resource directional drilling, and we look forward to supporting Motive as it continues to grow its business.”
