Source: Houston Business Journal
While many businesses struggle to attract angel investors and venture capital dollars when they are in start-up mode, MicroSeismic Inc. never had that problem.
The company, which provides microseismic monitoring and passive seismic imaging primarily to oilfield customers, had early — and eager — financial support from the venture capital community.
“We had lots of interest in our offering from VC firms, and we also had other alternatives,” says Peter Duncan, who co-founded MicroSeismic in 2003. “The word at the time was that money was tight, but I didn’t feel that. We got all the money we needed, and even more, for what I felt like was a fair value.”
While access to capital wasn’t an issue during MicroSeismic’s early days, the company did have its share of challenges, which included developing a seismic technology for oilfields that was being implemented in other applications. The technology had primarily been used by the U.S. Geological Survey to locate earthquakes and for nuclear tests as well as in the mining industry, but never for hydraulic fracture monitoring of reservoirs from the surface of the Earth.