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March 29, 2006
Stingray spins out Qinetiq with VC investment
Stingray Geophysical, which makes fibre optic seismic monitoring gear used in oil and gas exploration, raised £6.6 million in VC funding from Energy Ventures, Hydro Technology Ventures, and Chevron Technology Ventures. QinetiQ, the British defense technology firm from which it spun out, retains a 19.9% share in Stingray Geophysical.
Permanently deployed on the sea-bed Stingray's waterproof system provides more info to oil companies about hidden or unexploited reserves that existing gear.
Posted on March 29, 2006 12:13 PM | Posted to Venture Capital | Permalink
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