OIL and gas well technology firm Raptor Oil expects to double employee numbers after securing multi-million pound backing from sector giants amid challenging times for the industry.
Aberdeen-based Raptor raised £4.2 million from a range of investors including Norway’s Statoil, ConocoPhillips of the USA and the Government-funded Scottish Investment Bank.
The funding provides a significant vote of confidence in the firm's wireless technology, which can be used to monitor conditions inside wells. Supporters believe the technology can help slash the cost of building wells.
Statoil said the investment showed its willingness and ability to identify and support companies that are developing disruptive technologies aimed at solving the challenges of the oil industry.
The oil and gas firm first invested in Raptor in 2015. It has a 29 per cent stake in the business, which was founded in 2011 by signal processing specialist Colin Maclean.
Raptor’s chief executive Gordon Cowie has a background in music analysis and artificial intelligence
Mr Cowie said the funds raised will be used to strengthen the core development team and to further develop and commercialise the system across key application areas.
Raptor said it will be looking to recruit technical staff as is it moves from research and development to the commercial phase. It has six employees.
The latest round was also supported by the Oil and Gas Technology Centre. This was established to help the industry boost efficiency in response to the crude price plunge, which started in 2014.
Raptor raised £1.5m in 2015 from a range of backers including Statoil.
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