Arkex raises $15m from 4D Gea

The French venture capital firm invested in the company via its 4D Global Energy Investment vehicle (Fund III), which closed in July 2010 on $216m, according to unquote" data.

The fresh funding will be used by Arkex to expand into new areas, as well as develop its full tensor gravity gradiometry multi-client data library.

Previous funding
In June 2008, Arkex received $30m in a series-C funding round led by Ferd Ventures with participation from Scottish Equity Partners (SEP) and Energy Ventures. Prior to this, in December 2005, Energy Ventures led a £5.5m round for the company alongside SEP, with Energy Ventures investing via its Energy Ventures II vehicle.

Arkex first received funding in March 2004. SEP and RWE Dynamics led the £4m round with equal investments of £1.5m each, with the remaining sum provided by Nova Technology Fund and a number of private investors.

Company
Arkex was founded in 2004 and is based in Cambridge, with additional offices in Sherington and Houston, US. The company employs 60 staff.

Arkex provides non-seismic geophysical software to the oil and gas exploration industry. It offers geologic knowledge on non-seismic data for exploration companies and thus claims to reduce the risk of exploration.

People
John Siegfried is the CEO of Arkex. Jérôme Halbout, a founding partner of 4D Gea, will join Arkex's board as a non-executive director following the transaction. SEP partner David Sneddon, Ferd partner Helge Hellebust and Energy Ventures partner Greg Herrera already sit on the company's board as non-executive directors.

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• Topics
• Expansion
• UK / Ireland
• Industrials
• United Kingdom
• Scottish Equity Partners