Raptor Oil Closes $5.8 Mln in a Series C Funding Round

 

The round, led by Statoil (STO) Technology Invest (STI), was completed on December 15, 2017. It includes investment from ConocoPhillips (COP) and new investor Scottish Investment Bank, the investment arm of Scottish Enterprise. In addition, funds were granted by The Oil & Gas Technology Center.

 

Raptor, formed in Aberdeen in 2011 by Dr. Colin MacLean and Gordon Cowie, is developing an acoustic telemetry system for use during well construction and production. It is designed to replace traditional mud pulse telemetry during drilling and provide a 10x improvement in performance, the company said. Raptor has been through several phases of technology development and concept validation culminating in a successful three-week well test in November 2017.

 

The company currently has six employees and will be looking to double technical staff as is it moves from research and development to the commercial phase.

 

Raptor’s CEO, Gordon Cowie, said, “After two very successful blind tests of our wireless telemetry system, which demonstrated its plug and play adaptability and high data rate capability under various operational conditions, the company welcomes the investment from Statoil Technology Invest, ConocoPhillips, the Scottish Investment Bank, and also the support of The Oil & Gas Technology Center. The funds will be used to strengthen the core development team and to further develop and commercialise the system across a number of key application areas.”