The Rice Alliance for Technology and Entrepreneurship held the 13th Annual Energy and Clean Technology Venture Forum in Houston two weeks ago and at it announced their 10 Most Promising Energy and Clean Technology Venture Companies list. The event was the largest venture capital conference in the Southwest with about 500 people in attendance, from venture capitalists and investors to industry experts and entrepreneurs, according to a press release posted on Businesswire.com.
One of the companies named to the list was the innovative, San Diego-based surveyor, GroundMetrics. Energy information enthusiast and Forbes contributor, Bill Tucker, wrote about the company back in January when he first heard about it. He followed that up with another piece for Forbes last week after it won a spot on the prestigious ranking.
“[GroundMetrics uses] a unique electromagnetic technology which allows it to detect not only underground pockets of deposits, but to determine what is in those pockets more accurately so a decision to drill or not to drill can be made with greater certainty,” Tucker wrote. “Its appeal was increased efficiency and much higher drilling success rates.”
Tucker went on to say that GroundMetrics CEO, George Eiskamp, told him he’s been “overwhelmed” by the opportunities that are now available to him as a result of the award.
While GroundMetrics is not currently trying to actively secure funding, they are in the process of persuading drilling companies that they can help them save time and money. The oil and natural gas industry is one of the biggest in the U.S., accounting for approximately 9.8 million jobs and 8% of the economy, so opportunities abound for companies that offer this kind of technology.
Brad Burke, Rice Alliance managing director, believes the reason for much of the convention’s success is the continuous improvement in the quality of companies showcased.
“Over the past 13 years, more than 1,700 companies have presented at Rice Alliance Technology Venture Forums. These companies have raised more than $2.1 billion in funding,” Burke said. “This speaks to the quality of the companies and to the robust entrepreneurial ecosystem of investors that has been developed to support these companies. Despite the challenging economic environment over the past several years, good companies have been able to attract investors.”