Wellkeeper collects first VC round of 2006
New Mexico Business Weekly - February 17, 2006Following a year of record-setting venture capital investing in New Mexico, Albuquerque's Wellkeeper is the first company of 2006 to close on a venture investment round.
The maker of remote monitoring systems for oil and natural gas wells announced a $1.2 million Series A investment provided by local $15 million, seed stage, venture fund Verge.
The cash will be used to enhance the company's product and service offerings and increase sales and marketing efforts.
The company says it wants to make its Internet-based monitoring capabilities available to independent oil and gas well operators so they can stay ahead of problems and reduce trips into the oil patch to check on wells.
Founded in 2002, Wellkeeper is headed by former Compaq executive Randy Krall. The company was one of 20 that presented at a local equity capital symposium in May of 2005. Of the presenters at the Technology Ventures Corp.'s event, at least four have now raised investor capital, including Aspen Avionics, TruTouch Technologies, Caldera Pharmaceuticals and now Wellkeeper.
In 2005, New Mexico set a record for venture capital funding topping the $101 million mark for fundings in at least 16 companies.
