Central regions | Materials, extraction | Finance, business
Well logging start-up raises private investment
2 Oct '19
UCP, a Russian investment group owned by Ilya Shcherbovich, and Rusnano Sistema SICAR, a fund co-owned by government-run Rusnano and Vladimir Evtushenkov’s AFK Sistems, are investing $5m in a start-up called Geosplit. The young company has developed technology that helps mark and study oil and gas wells, and is a resident of the Skolkovo Technopark outside Moscow, the Russian business daily RBC reported.
UCP is leading the effort in this B investment round that is expected to help the investee break even. In December 2017, Rusnano Sistema SICAR already supported Geosplit in its first $1.5m investment round that gave the fund 14.5% in the start-up.
Geosplit was set up in 2017 as a full-cycle oilfield service company to focus on new intra-well research techniques for the oil and gas sector. Its technology that helps cut the cost of hydrocarbon production enables the analysis and monitoring of oil and gas influx in horizontal wells, and also interprets big data. The start-up estimates the market for horizontal well logging in Russia alone to be $310-390m a year.