Houston-based “digital rock physics” company Ingrain has secured a third round of funding totaling $15 million to advance the deployment of its digital rock physics labs (take the virtual tour here!)
Two of the investors, Energy Ventures and KLP (Norway’s largest life insurance company), have put money in Ingrain in the past, with TPH Partners (the merchant banking arm of analysts Tudor Pickering Holt & Co.) as a new investor.
Started in 2007, Ingrain uses high-resolution 3D imaging to “reveal reservoir rocks from the inside” and compute critical rock properties including permeability, porosity, elastic properties, electrical properties and relative permeability. Needless to say, E&P companies really like this kind of data, particularly when they get it quickly.
Joe B. Foster, Chairman of TPH Partners, will join Ingrain’s board of directors.
“This funding will allow Ingrain to continue our expansion into the Middle East, North Africa and Latin America,” said Henrique Tono, Ingrain’s CEO. “We are delighted and honored to have Joe Foster joining Ingrain’s board of directors. His depth of industry experience makes him an invaluable advisor to Ingrain as we expand into major oil-producing regions worldwide.”