GroundMetrics Inc. closes oversubscribed $1.5M financing round

Ground Metrics

GroundMetrics Inc. recently closed $1.5M in a deal led by the Tech Coast Angels, representing a 2.5x valuation bump since December 2011. The round was oversubscribed even though the company raised the deal ceiling by 50% towards the end due to enthusiastic interest in participation.

I’ve been working with George Eiskamp, GroundMetrics CEO, for the past year and have been impressed again and again by the team’s creativity, dedication and commitment to turning their technology into a big-hit opportunity. They have developed a package of electromagnetic sensing technologies based on fundamentally new physics. Their sensors effectively make it possible to image underground resources. It’s a game-changer for industries like oil & gas, mining and geothermal. GroundMetrics recently concluded a successful proof-of-concept on an operating oilfield in the U.S and is riding a rising tide of market ‘pull.’

I’m really proud of George and the entire GroundMetrics team and can’t wait to see where they take the company.