SUGAR LAND, Texas--(BUSINESS WIRE / ME NewsWire)-- Wireless Seismic, Inc., the leading innovator of real-time and cable-less seismic data acquisition systems for the oil and gas industry, announced today the successful completion of its latest funding round of $12.5 million. Existing shareholders, Chesapeake Energy and Energy Ventures, were joined in this round by Total Energy Ventures, the corporate venture capital arm of French oil and gas major Total.
“Cable-less is becoming a new standard for land seismic acquisition work, and we are very excited to be investing in Wireless Seismic and to provide growth capital for a promising technology,” said Francois Badoual, CEO of Total Energy Ventures. “We believe that the real-time capability of Wireless Seismic'sRT System 2 can offer a substantial advantage in a broad range of operations.”
With this transaction, Wireless Seismic increases its board of directors to six members including Gary E. Jones, Chairman, Wireless Seismic; Roy Kligfield, Chief Executive Officer, Wireless Seismic; Kent Wilkinson, Vice President, Chesapeake Natural Gas Ventures; Larry Lunardi, Vice President, Geophysics, Chesapeake Energy Corporation; Jim Sledzik, Partner, Energy Ventures; and Christophe Tonion, Investment Manager, Total Energy Ventures.
“We are delighted to welcome Total Energy Ventures as a new investor,” stated Kligfield. “Total is a key player in the oil and gas business, operating in over 130 countries. This partnership will be invaluable to Wireless Seismic as we continue to expand internationally.”