Calgary's nFluids Raises Funding from Angels and Vancouver's Yaletown Venture Partners

Nfluids this month completed a private round of financing from a group of angel investors and Vancover-based Yaletown Venture Partners.

The Calgary-based startup has developed a proprietary nanoparticle oil and gas drilling fluid additive that reduces fluid losses during drilling, increases lubrication, and strengthens the well bore. According to the Canadian company, these benefits allow operators to reduce the total energy requirements and cost of their drilling process, while also reducing the associated environmental impact.

“This partnership not only provides us with capital but it also adds a partner with considerable market intelligence and industry expertise. We will be utilizing this expertise as we continue to progress towards commercialization,” explains nFluids president David Edmonds. “nFluids is ramping up operations through a series of field tests that will support existing laboratory results and provide additional data to bring the technology closer to market.”

“The worldwide market for oilfield drilling fluids for 2013 is projected to be $7.2 billion, and is looking for new technology to solve some very complex problems,” says Yaletown partner Brad Johns, who will be working with the company. “We are excited to be working with a company that is developing world leading products for such a dynamic and growing market.”

Based on the combined research of Dr. Maen Husein and Dr. Geir Hareland, nFluids was spun out through the University of Calgary launched through Innovate Calgary's Company Creation program.

Innovate Calgary
Calgary, Alberta, Canada

Innovate Calgary is where startups, entrepreneurs, researchers, investors, industry and partners take innovation and ideas to business. It takes an ecosystem to drive the commercialization success of an innovation or discovery, and we are here to give you the help you need to take your startup, discovery or investment to the next stage of growth or market entry. How? It's simple, Just Ask. more

Yaletown Partners
Vancouver, British Columbia, Canada

Yaletown invests in emerging-growth technology companies in Canada that enhance productivity and sustainability for enterprise and industrial customers. Our investments help Canadian technology companies in their initial growth phase to accelerate their growth, shorten exit timeframes and achieve strong exit premiums. With offices in Vancouver and Calgary, Yaletown is led by a team that brings... more

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Techvibes NewsDesk

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