ARKeX, a worldwide leader in geophysical imaging technology, has successfully raised $30 million (Gbp15.4 million) in a deal that marks the largest venture capital round in its sector for five years.
The investment was led by Ferd Venture of
ARKeX's technology has already had a significant impact on exploration strategy by reducing overall exploration risk, making it a valuable leading-edge exploration tool for major energy corporations.
The company will use the funds to expand the operational capabilities of its airborne BlueQubeTM gravity gradiometry imaging service and to accelerate production of its proprietary technology, the Exploration Gravity Gradiometer (EGGTM).
ARKeX's gravity gradiometry technology measures minute variations in the earth's gravitational field. It helps resolve complex geology, overcome seismic imaging difficulties and survey large areas quickly and cost effectively. Gravity gradient imaging is becoming an increasingly important tool for oil, gas and mining exploration companies and the new investment will take ARKeX's BlueQube service to more globally diverse energy basins.
“This is a major step forward for ARKeX,” said Kitty Hall, Chief Executive of ARKeX, “We are delighted that Ferd Venture has joined our existing investors and wholeheartedly welcome them onboard. ARKeX has performed surveys in North America and
Helge Hellebust, Partner at Ferd Venture, said: “ARKeX has demonstrated the huge potential for BlueQube and the unique EGG. With demand for oil soaring, new technologies such as the ones ARKeX is developing and utilizing, will be at the forefront of worldwide exploration strategy. The potential for long-lasting competitive advantage gives ARKeX exactly the company profile in which we like to invest.”