GroundMetrics, Rady Venture Fund Portfolio Company, Raises $2.73 Million in Series B Financing
GroundMetrics Inc., world--‐leading electromagnetic survey company and oil technology pioneer announced last week that it has raised $2.73 million in a Series B financing round from new investors, Cowboy Technology Angels, an oil industry angel group based in Oklahoma.
The technology behind GroundMetrics is now more important than ever, with the US slated to become the world's number one producer of oil in 2015. Groundbreaking technological advances like GroundMetrics' sensor systems are fueling this boom, with companies investing heavily for innovations in the oil industry. By taking full-field electromagnetic images of the subsurface and geophysical data, GroundMetrics' provides unprecedented visibility underground.
The Rady Venture Fund selected GroundMetrics as a key investment opportunity over one year ago, under the guidance of Lada Rasochova, managing director of the Fund. "We are very excited to witness the continued success of a Rady Venture Fund portfolio company. It is valuable for our students to remain involved with GroundMetrics and experience the follow-on phases of the investment process."
The Rady Venture Fund is a student-assisted venture capital investment fund established to support the school's educational objectives in the areas of entrepreneurship, innovation and transfer of discoveries into the marketplace.
Hebrew University student Yos Jacobs was part of the San Diego Immersion program in February and found that it was an inspirational experience that had a profound impact.
Students learn by doing, gaining the skills, perspective and competitive edge necessary to succeed in today's global, knowledge-driven economy. The fund works with investment industry leaders to enhance student education and deploy investment capital to assist in the creation of successful companies. The Rady Venture Fund is funded by donations to the UC San Diego Foundation.