University of Cambridge Enterprise Fund III has invested an undisclosed sum in its spinout.
University of Cambridge Enterprise Fund III has invested in Silicon Microgravity (SMG), a spinout from the institution’s Nanoscience Centre that has developed sensor technology for the oil and gas sector.
SMG has developed a high-performance accelerometer, using sensors to measure gravity in order to establish oil and water presence under the earth’s surface.
The spinout was launched in 2014 with the help of energy company BP, which has been funding the technology’s development for nearly six years.
SMG secured £2m ($2.9m) at the time of its launch in the form of venture capital funding and additional grant funding from the UK government.
The company estimates that using its technology could improve yields on oil and gas reservoirs by up to 2%, increasing industry revenues by billions of dollars.
Enterprise investment scheme provider Parkwalk Advisors manages the University of Cambridge Enterprise Funds in conjunction with Cambridge Enterprise, the technology transfer office of Cambridge University.
