Interface Fluidics, a Calgary-based oilfield laboratory services provider, has raised about $6 million (US$4.5 million) in a Series A financing.
Equinor Technology Ventures, the venture capital arm of Norwegian energy company Equinor ASA, and U.S. accelerator Techstars led the round.
Interface was founded in 2015 by CEO Stuart Kinnear, COO Tom De Haas and CTO David Stinton. It has developed a nanotechnology platform for optimizing oil production and visualizing fluid-fluid interactions through chemical testing at reservoir temperature and pressure.
The company, a recent graduate of the first class of Techstars Energy Accelerator, said it will use the round’s proceeds to expand capacity to meet market demand.
Interface Fluidics Secures $4.5M in Series A Funding – Helping Operators Increase Oil Recovery and Reduce Environmental Impact Using Disruptive Technology Platform
Equinor Technology Ventures (ETV) and Techstars Co-Lead Investment into Nanotechnology Company
August 27, 2019
CALGARY, Alberta–(BUSINESS WIRE)–Interface Fluidics Limited (Interface) today announced a Series A fundraise of $4.5M USD from leading multinational energy company, Equinor, and global accelerator, Techstars.
Interface’s proprietary technology platform allows operators to analyze a variety of downhole chemicals to evaluate the mechanisms and viability in increasing oil recovery. The platform also provides operators with a suite of PVT measurements conducted under micro and nano confinement. Like many step change innovations, Interface leverages a proven technology from the biomedical industry, microfluidics, and has adapted it to the oil and gas sector, disrupting conventional lab testing.
“We have been fortunate to have incredible customers,” said Stuart Kinnear, Interface CEO. “This funding will be used to expand capacity to meet ongoing market demand, ensuring faster delivery to our growing customer base.”
“Interface has been gaining internal traction across multiple business units and across the life cycle of our assets,” said Rannfrid Skjervold, Managing Director at Equinor Technology Ventures. “We see this investment as a strategic opportunity to accelerate the technology development which will result in significant increased oil recovery, revenue growth and cost reduction to our operations.”
Interface Fluidics is a recent graduate from the first class of the Techstars Energy Accelerator, in partnership with Equinor, completing the Oslo-based program in December of 2018.
“Techstars Energy selected Interface from hundreds of applicants for its impactful technology that is helping energy operators produce more oil with less environmental impact,” said Audun Abelsnes, Managing Director of Techstars Energy Accelerator, in partnership with Equinor. “Interfaces’ technology is making a difference in how decisions are being made for multinational energy companies and we are very much looking forward to their continued success.”
About Interface Fluidics
Interface Fluidics is a Calgary based laboratory service company with a nanotechnology platform for optimizing oil production and visualizing fluid-fluid interactions, through rapid chemical testing at reservoir temperature and pressure. www.interfacefluidics.com
Techstars is the worldwide network that helps entrepreneurs succeed. Techstars founders connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporations to grow their companies. Techstars operates three divisions: Techstars Startup Programs, Techstars Mentorship-Driven Accelerator Programs, and Techstars Corporate Innovation Partnerships. Techstars accelerator portfolio includes more than 1,900 companies with a market cap of $23 Billion. www.techstars.com
About Equinor Technology Ventures (ETV)
Equinor Technology Ventures supports small and medium enterprises (SMEs) with exciting new technologies in oil and energy—and in turn, helping Equinor be the world’s most carbon-efficient oil and gas producer with a developing renewable business. www.equinor.com
Director, Market Development | Interface Fluidics
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Managing Director | Techstars Energy Accelerator, in Partnership with Equinor
Audun.email@example.com | +4790090259
Communications | Equinor
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