VC-backed Ziebel raises $10m
Corporate venture funds ConocoPhillips Technology Ventures and Chevron Technology Ventures have led a $10m round for Ziebel, a Norwegian oil services company.
Existing investors Energy Ventures, Viking Venture, Jebsen Asset Management, Investinor and Klaveness Invest also participated in the round.
The fresh capital will be used for completing product development and commercialising Ziebel's technologies.
Investinor contributed NOK 50m in a NOK 71m investment round for Ziebel in April 2010, joining existing investors Viking Venture, Energy Ventures and Jebsen Asset Management.
Company
Founded in 2006 and based in Stavanger, Ziebel provides specialist well intervention services for the oil and gas industry, including its proprietary fibre-optic composite rod technology Z-System. The company's well intervention technology enables access and visualisation of wellbores in real-time.
People
Stig Hognestad is the CEO of Ziebel.
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