Raptor Oil, a UK-based wireless communications technology developer, has raised £1.5m ($2.2m) from Seek & Solve, a funding programme formed by oil and gas company Statoil and Scottish Investment Bank.
Seek & Solve was launched in June 2014 by Statoil Technology Invest, the investment arm of Norway-based oil and gas company Statoil, and Scottish Enterprise, the investment arm of the Scottish Investment Bank.
The programme aims to drive collaboration and innovation between multinational companies and small and medium-sized companies operating in the oil and gas supply chain.
Raptor Oil, the first company to gain funding from this programme, has developed technology to get data from wellbores wirelessly for the oil and gas industry.
Scottish Enterprise invested £400,000 in the company itself, with the other £1.1m coming from Seek & Solve.
Lena Wilson, chief executive of Scottish Enterprise, said: “[This] marks a significant milestone for Seek & Solve with the first project to be awarded since we launched the programme.
“We are encouraging many more companies, like Raptor Oil, to deliver projects of this nature which result not just in commercial success for each organisation but help increase exports and Scotland’s overall competitiveness.”