Terralliance, a natural resource discovery company, says it raised more money from its existing investors and added new investors.
Company spokesperson Gordon Burk declined to comment on the size of the investment or disclose the investors. Terralliance had previously raised $295 million from Kleiner Perkins Caufield & Byers, Goldman Sachs, DAG Ventures, Dubai-based Ithmar and Passport Capital, according to reports.
“All of the big players re-upped and there are new players, as well, of some substantial note. It’s not like they put in an insignificant amount,” says Burk. He declined to discuss specifics.
The funding announcement was intended to counteract reports that Terralliance was close to failing, Burk says.
“We were getting a lot of press, saying that the end was near, and we thought it was important to get the message out there that the investors are supportive and we’ve secured new funding,” Burk says. “Our investors showed a lot of confidence in us and promise in the future by making the investment they did.”
The company is using the money to help it expand beyond petroleum discovery, says Burk. “We’ve got a significant technology that can be applied to more things, such as gold and other minerals and can be deployed on a larger scale in hydrocarbons than we have in the past,” he says.
Burk declined to discuss any new customers or revenue streams.
Terralliance recently parted ways with its founding CEO, Erlend Olson, laid off about 80% of its workers, closed offices and is desperately trying to renegotiate a massive debt-load.
Terralliance CEO Terry Gerhart, formerly the company’s COO, previously worked at BP America Production Co. Inc., documents show.
Terralliance also added W. Michael Long to its board of directors. Long has served at the head of two Kleiner Perkins-backed companies: Healtheon and Homestore (later Move, Inc.).