Geoforce, an asset tracking solutions firm focused on the oil and gas industry, has received growth equity investment from venture capital firms Houston Ventures and Palmetto Partners. Financial details were not disclosed.
Houston and Palmetto will now…
Geoforce, an asset tracking solutions firm focused on the oil and gas industry, has received growth equity investment from venture capital firms Houston Ventures and Palmetto Partners. Financial details were not disclosed.
Houston and Palmetto will now become minority shareholders in Geoforce and gain seats on the company’s board.
Proceeds from the funding round will primarily be used to support the company’s international expansion, particularly into the Asia-Pacific and European regions. Geoforce recently established its first international subsidiary, Geoforce do Brasil, in order to take advantage of the country’s booming offshore oil & gas industry.
Commenting on the transaction, Vincent Hsieh, CFO of Geoforce, said: “Throughout our history, we have regularly been approached by prospective investment partners who recognized the potential of Geoforce’s market and the strength of our business model. However, we never felt the need to take institutional equity investments, since we funded our previous growth organically. That changed when we began talking to Houston Ventures and Palmetto.”
Houston in particular has a history of investments in the oil and gas sector and currently has a stake in oil & gas industry communication services provider RigNet.
Founded in 2007, Geoforce uses GPS, satellite M2M and RFID technology to track oil and gas assets around the world. The company claims to have the largest satellite asset tracking deployment in the oilfield.
In 2012, Geoforce acquired Sypes Canyon Communications, a manufacturer of satellite machine-to-machine and telemetry products for government and commercial clients.
