Oil & Gas Technology Innovator - Cold Bore Technology - Raises $800k in Oversubscribed Seed Round

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Cold Bore Technology, a Calgary-based oil and gas technology company providing patented drilling intelligence solutions, has today announced the close of their oversubscribed seed round with a raise of just over $800,000.

Cold Bore Technologies

Cold Bore uses Sonic Telemetry technology to rapidly transmit high volumes of data to the surface.

The cutting-edge Cold Bore technology - currently in prototyping and due to be proven in early 2014 - uses Sonic Telemetry technology to rapidly transmit high volumes of data to the surface, using the drill pipe itself as the medium. This data - delivered hundreds of times faster than is currently achievable - is then able to radically improve drilling accuracy and capability.

The notable management team behind the venture has over 175 years of combined industrial communications experience with companies such as NorTel, Fujitsu and PMC-Sierra and have also created semiconductor, optical and wireless products for Cisco, Alcatel, Lucent, HP, Harris and the military.

Co-founder Brett Chell said of the announcement, “We couldn’t be happier at the level of interest we’ve seen from the oil and gas community for this technology. With Calgary being an international hub of the oil & gas industry, there could not be a better place on earth to develop this platform and build a leading team around it.

"If the results of trials come back as expected, without wanting to overstate it, the Cold Bore technology has the potential to completely revolutionize oil & gas exploration and offer the key to unlocking previously inaccessible energy reserves.”

About Cold Bore Technology
Cold Bore provides it’s sonic and hot hole chip technologies to the oil and gas industry to provide better drilling accuracy and capability.

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Josh Stanbury
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