HOUSTON--(BUSINESS WIRE)--NEOS GeoSolutions, Inc. today announced that it has successfully closed on a $60 million financing round. New investors Energy Capital Group and Bill Gates joined existing investors – including Goldman Sachs, Kleiner Perkins Caufield & Byers, and Passport Capital – in this oversubscribed funding round.
Commenting on the financing, Jim Hollis, President and CEO of NEOS, stated, “We are delighted that our fundraising efforts attracted interest from such high quality investors. I am thrilled that Energy Capital Group and Bill Gates have joined our existing investors in this round.
“Energy Capital Group is backed by Rawabi Holding, a leading Saudi-based industrial conglomerate specializing in oilfield and industrial services, contracting, and retail. For over three decades, Rawabi Holding has proven to be a valuable commercial partner for more than 100 portfolio and joint venture companies headquartered in over 25 countries. Rawabi provides not only growth capital, but also access to an extended international network of business and technology leaders who are committed to building distinctive service companies in the Middle East and North Africa. I look forward to working with Ali AlTurki, Founding Partner and CEO of Energy Capital Group, as both our newest Board member and as a strategic and commercial partner.”
NEOS – which provides exploration solutions to clients in the onshore oil & gas and mining industries that help them determine where to explore, lease, and drill – plans to use the proceeds to fund its ongoing technology development program; expand its data acquisition and data processing capacity; add functionality to its NeoSphere™ data integration and interpretation system; and support general corporate growth initiatives, including the expansion of its engineering, sales, marketing, field operations, and customer service teams around the world.
W. Michael Long, Executive Chairman of NEOS, added, “Our investors share a belief that we are at the dawn of a new age of natural resource exploration. They believe that NEOS has the ability to drive the development and commercialization of a new generation of geophysical sensors capable of recording more measurements with greater accuracy from the Earth’s surface and subsurface. When these measurements are processed with advanced software algorithms that include state-of-the-art geostatistical and intelligent search features, our customers obtain more accurate 3D images of the subsurface at less cost and in shorter periods of time compared to conventional subsurface imaging techniques. Since 2006, we have been assembling a world-class team of engineers and geoscientists and invested approximately $100 million to develop our multi-measurement interpretation methodology. The additional capital that we have now secured allows us to further enhance our data acquisition and interpretation platforms and to make our geosolutions more widely available to our natural resource clients, wherever they explore and operate.”
About NEOS GeoSolutions
NEOS helps exploration teams in the onshore oil & gas and mining industries make faster, more informed decisions about where to explore, lease and drill. In partnership with its clients, NEOS acquires and simultaneously interprets multiple geological, geophysical, and geochemical datasets to identify hydrocarbons and minerals in the subsurface. The company is backed by a group of internationally recognized investors, including Bill Gates, Energy Capital Group, Goldman Sachs, Kleiner Perkins Caufield & Byers, and Passport Capital. For more information, visit www.neosgeo.com.
For more information about Energy Capital Group, visit: www.energycapitalgrp.com.
For more information about Rawabi Holding, visit: www.rawabiholding.com.