Dublin, 07 Jan 2013: Skynet Labs, the Oil and Gas drilling technology services company, is pleased to announce that it has secured a staged agile investment from SOS Ventures the full commitment of which is €500,000 with further funding assistance negotiations with Enterprise Ireland of €250,000 from their matched funding product, bringing their first seed round to a close at €750,000.
The oil & gas Exploration and production technology business is a growing market with world economic demand rising and oil and gas proving more difficult to extract in deeper and tighter formations. The mobile and cloud computing company is leading the way, developing software to transform how oil and gas drilling engineers manage their calculations workflow in well control and planning, leveraging new cloud technologies and methods.
Commenting the recent development Tim Duggan, CEO Skynet Labs said, “Skynet Labs is one of the new breed of companies focussing on changing and revolutionizing big business with the latest cloud technologies and methods. We came to market only four months ago & were fortunate to gain traction extremely quickly. I am delighted that we were able to secure a deal with such a well-respected international firm like SOS Ventures and also the enthusiastic interest from oil majors we have met with.”
He added, “Striking this deal provides us with the right platform to ramp up our product and business development rapidly in serving two key markets Texas and Norway. We are delighted to have an outstanding international board of advisors who come from Oil and Gas technology, treasury level financing, E&P drilling ops and Oil IP rights.”
We have have deals with two global oil producers with drilling activity for setting up trials of our software for their drilling teams. We are also working with drilling engineering contractor firms that contract to the likes of Trans Ocean who own about 80% of the world’s Oil rigs.”
Bill Liao, Partner, SOS Ventures said, “Skynet Labs is exciting prospect for us. In a time when innovation and entrepreneurship is key to our future growth, we were impressed not only by their product offering but also at the pace that Tim & his team were able to bring this from concept to product development stage.”
Skynet Labs and their rapidly expanding technology team are based in The Digital Depot on Thomas Street in Dublin.
About Skynet Labs
Crunch Base: http://www.crunchbase.com/company/skynet-labs
Angel List https://angel.co/skynet-labs
Skynet Labs develop cloud based tools for the oil and gas industry, specifically drilling engineers, to help them move away from paper/excel based calculations to a simple easy to use app. The software adds value to its customers through accountability, reporting and previously unparalleled communication abilities seen in the oil and gas field for drilling engineers.
Skynet products include Drilling Unit Converter(D.U.C) lite which is currently available from app stores, D.U.C pro, under construction, the Skynet Cloud, under construction, as well as future products
Drilling Formula Sheets(D.F.S).
Drilling Unit convertor and Convertor Pro. D.U.C / D.U.C Pro.
Board of Directors:
Tim Duggan, CEO, Skynet Labs
Eoghan Jennings, Bandwidth Ventures.
Bill Liao, SOS Ventures
Burkhard Blum Bandwidth Ventures