Geosplit, a Russian oilfield solution and service provider, has secured $5 million from domestic investors Rusnano Sistema SICAR and UCP.
This Series B round will allow the company to expand to no less than 20 foreign markets. Just a month ago Geosplit announced it established a research laboratory in China, “gaining access to all the country’s major oil and gas fields.”
The company also intends to “implement new projects” and “develop further its marker well test technologies.”
A resident of Skolkovo, the international innovation hub on the outskirts of Moscow, Geosplit has its own R&D, production facilities and chemical laboratories. Its solutions are used to diagnose and monitor horizontal well inflows, based on the use of quantum dots “marker-reporters” and machine learning algorithms.
These allow for “automated interpretation of the results of analysis of wellbore fluid samples.” Thus, productivity in oil fields increases while costs decrease, the company claims.
Geosplit generated 150 million rubles (approximately $2.9 million) in revenues last year, and plans to reach 400 million rubles ($6.1 million) in 2019.
