Published in OilVoice
London – 18 April 2018 – Acoustic Data, a global leader in wireless well technology, announced today that it has closed an US$8m investment from Energy Growth Momentum ("EGM"), a London-based growth capital investor within the energy sector. The funding will allow Acoustic Data to scale operations and grow its team in order to capitalise on increased demand for its proprietary wireless downhole pressure and temperature gauge system.
Founded in 2012 by Jesse Tolley and Mark Tolley, the oilfield services technology company rapidly prototyped and commercialised its proprietary acoustic telemetry system with the SonicGauge™. The technology is aimed at reducing the CAPEX and OPEX associated with downhole data acquisition in both onshore and offshore oil and gas wells, and is flexible and reliable, operating across the entire well lifecycle. The system's major advantage is that it can be quickly and safely retrofitted to an existing well with the company's patented high expansion gauge hanger.
John Wilson, Partner at EGM, commented on the investment: “We are really excited about Acoustic Data's growth trajectory. The company combines a disruptive technology platform with a team that has experience scaling businesses in the sector. Now, more than ever, clients are demanding real-time data to make informed investment decisions. With an accumulated downhole run-time of 80 years, the SonicGauge System has the track-record and potential to make a big difference in the industry.”
Industry veteran and CEO of Acoustic Data, Mark Tolley, welcomed the deal: “Our team has built and commercialised a world-class technology without any external funding to date. Now the R&D phase is complete, it's time to rapidly scale the sales and operations arm of the company globally. EGM's investment allows us to engage the key personnel required to deliver against our internal goals and to expand our manufacturing facility to meet demand that's outstripping our current capacity.”
Jesse Tolley, CMO of Acoustic Data commented: “With large-scale pilots being executed this month with both an NOC and an IOC, we are approaching an inflection point in our company's life cycle. With the combination of a truly unique technology package and the financial backing from a strategic partner such as EGM, we are now primed to become the dominant player within this market niche across the next few years.”
Acoustic Data was advised by Orrick, Herrington & Sutcliff LLP and Energy Growth Momentum was advised by Vinson & Elkins LLP.