Neos GeoSolutions, a US-based oil and gas data analysis company formerly known as TTI Exploration until last week and before that Terralliance, has raised $60m from a consortium including Energy Capital Group (ECG), a UK and Bahrain-based venture capital firm backed by the Rawabi, Al-Ansari, AA Turki and Al Muhaidib industrial groups.
Bill Gates, the co-founder of software company Microsoft, has also invested in Neos as a new investor alongside ECG.
The remainder of the consortium were repeat investors: investment bank Goldman Sachs and venture capital firms Kleiner Perkins Caufield & Byers and Passport Capital.
Jim Hollis, executive president of Neos since January last year, said: "Energy Capital Group is backed by Rawabi Holding, a leading Saudi [Arabia]-based industrial conglomerate specializing in oilfield and industrial services, contracting, and retail.
"For over three decades, Rawabi Holding has proven to be a valuable commercial partner for more than 100 portfolio and joint venture companies headquartered in over 25 countries. Rawabi provides not only growth capital, but also access to an extended international network of business and technology leaders who are committed to building distinctive service companies in the Middle East and North Africa. I look forward to working with Ali AlTurki, founding partner and CEO of Energy Capital Group [and Executive Committee Member of Rawabi], as both our newest board member and as a strategic and commercial partner."
Michael Long, executive chairman of Neos, added: "Since 2006, we have been assembling a world-class team of engineers and geoscientists and invested approximately $100m to develop our multi- measurement interpretation methodology."