Seismos extracts $10.5m

Spinout-focused investment firm Osage University Partners has returned to back a $10.5m round for US-based oil and gas fluid monitor developer Seismos led by natural resources-orientated investment firm Quantum Energy Partners.
Venture firms Javelin Venture Partners and ATP Fund also supplied Seismos with funding, as did Hicks Oilfield and unspecified existing investors.
Founded in 2013, Seismos operates a monitoring and evaluation platform for oil and gas producers that mainly helps assess the best drilling fluid for hydraulic fracturing, also known as shale gas, projects whereby difficult-to-permeate shale rocks are carefully cracked open to extract gas.
Seismos’s technology, Seismos-FracTM, utilises data from sensors monitoring the shale’s fracture network and geometry to provide live insights to the client.
Proceeds from the round will facilitate Seismos’s growth strategy and fuel further product development as the company looks to build on business secured with shale producers in the US.
Seismos previously attracted $4m in a 2015 round backed by Osage, Javelin Venture Partners and a number of private investors. Hicks Oilfield and ATP Fund were described as follow-on investors in the latest round, though details of their earlier involvement could not be ascertained.
The company was co-founded by two then-graduate students in University of Texas’s Master of Science in Technology Commercialization Program, Steven Slusher and Devin Bedwell, along with Omar Hernandez, then a senior-year electrical engineering student.
Panos Adamaopulous, now CEO of Seismos, said: “Unlocking real-time fracture measurements allows exploration and production companies to customise stage treatment designs on-the-fly based on direct feedback from the fractures being created, quantify the impact of each stimulation variable to the properties of the fracture system developed, compensate for variations in geology, avoid frac-hits and optimise well spacing and field development,”