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March 25, 2007
Scottish Startup Seeks £25M To Grow Oil- And Gas Detecting Biz
At the Scottish TechTour last year we heard some good things about MTEM, a university spinoff that has developed a electro-magnetic analysis system to outline and monitor oil and gas researves, in real-time.
Now it's looking to raise £25 to grow the business, according to an article in the Scotsman. The paper said that an MTEM rival ElectroMagnetic GeoServices, in Norway is getting ready for an IPO that would value it at £200M. That deal will help MTEM in pricing the round, no doubt.
MTEM spun out of Edinburgh University in November 2004 with £7.4M in funding from Scottish Equity Partners and two Norwegian funds, Energy Ventures and HitecVision. The VCs own 65% of the business, with the rest divided between MTEM's founders, its employees and Edinburgh University.
MTEM employs 70 engineers, technicians and administrative staff, today and has opened its second office in Houstion. It plans to open further branches in Calgary in Canada, Tripoli in Libya, and Stavanger in Norway.
Read - Scotland on Sunday - Business - Oil spin-out seeks £25m funding (scotsman)
Posted on March 25, 2007 01:41 PM | Posted to News And Updates | Permalink
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