Silicon MicroGravity (SMG), a Cambridge, UK-based developer of a novel sensor technology used by oil companies to enhance oil recovery, secured $3m in funding.
The round was led by Imperial Innovations, with the partipation of Cambridge Enterprise and grant funding from the UK Government.
The company intends to use the funds to continue to develop its technology. The first field trial in a production well is scheduled for 2017.
Formed in 2014 by Dr Ashwin Seshia and his team at the University of Cambridge, Silicon MicroGravity develops a novel sensor technology product that can capture and analyze data on behalf of oil companies.
Its sensors, developed in partnership with BP, can measure one billionth the level of Earth’s gravity and can be sent deep into boreholes to distinguish oil from water. Once the position of water is established and tracked, reservoir engineers can mitigate the potentially damaging results of water reaching a production well.
FinSMEs
08/03/2016