PanGeo Subsea has secured an $11 million investment led by Lime Rock Partners and CTTV Investments LLC to advance the commercialization of its innovative acoustic imaging technologies for the oil and gas industry.
Target Information
PanGeo Subsea, based in St. John's, Newfoundland and Labrador, specializes in innovative acoustic imaging technologies for the oil and gas sector and related energy industries. The company has successfully transformed scientific concepts in 3D and 4D acoustic imaging into practical products and services designed for various applications, including seabed interrogation from the seafloor to the reservoir. Key products in their portfolio include the Acoustic Corer™, Sub-Bottom Imager™, and Acoustic Zoom®, which collectively represent the forefront of geophysical technology.
Among these offerings, the Acoustic Corer is already available in the market, while the Sub-Bottom Imager is set for commercial launch in the coming fall. Additionally, the Acoustic Zoom is a next-generation tool that boasts the capability of generating high-resolution acoustic images up to 6000 meters deep into the seabed, providing a substantial improvement over traditional seismic methods.
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Industry Overview in Canada
The oil and gas industry in Canada plays a prominent role in the nation's economy, contributing significantly to GDP and employment. With vast reserves and advanced extraction technologies, Canada is one of the leading producers of oil and gas, particularl
Similar Deals
Lime Rock Partners and CTTV Investments LLC
invested in
PanGeo Subsea
in 2009
in a Series A deal
Disclosed details
Transaction Size: $11M