Wellkeeper Receives Funding from Verge
Albuquerque – Wellkeeper announces that it has closed a $1.2 million Series A financing round, led by New Mexico venture capital firm, Verge. These funds will be used to enhance product/service functionality, and grow the company’s sales and marketing efforts.
Wellkeeper is a remote monitoring company serving independent operators in the oil and gas industry. The company’s technology enables oilfield personnel to quickly locate potential problems, thus increasing production or avoiding spills, and to prioritize their time and, increase productivity. This level of affordable Internet-based support has not been available to small- and medium-sized independents until now. In the southwestern US alone, independent operators constitute a $1.2B market.
“We are enthusiastic about the prospects for Wellkeeper,” said Verge General Partner Ray Radosevich. “Wellkeeper’s early sales success and strong customer satisfaction is a clear indication smaller oil and gas producers strongly need the company’s cost-effective solution to allow them to better manage their properties.” Radosevich and fellow Verge partner Tom Stephenson will join the Wellkeeper board of directors as a result of the financing.
Located in Albuquerque, New Mexico, Wellkeeper is led by former Compaq executive Randy Krall as CEO, and former TXU executive, Rick Lentz, as Chief Marketing Officer. The company is currently implementing its largest monitoring project to date for a major independent at their lease properties in southeastern New Mexico and West Texas. “We are very pleased to have Verge lead this financing round,” said Wellkeeper CEO Randy Krall. “Their industry contacts and familiarity with the local technology market will help us drive Wellkeeper to the next level in our aggressive growth plan.” Rick Lentz adds “In addition to building the brand and a direct sales force, Wellkeeper will be seeking marketing alliances with other companies where our service complements what they are doing on behalf of producers. Operating information, our core offering, is an essential building block for a variety of products and services in this market.”
Wellkeeper presented at the 2005 New Mexico Equity Capital Symposium and has been a Technology Ventures Corporation client since July 2004. During that time TVC has facilitated relationships between Wellkeeper and potential investors and assisted the company in rounding out its management team. “I first met Randy through TVC’s Center for Commercialization and Entrepreneurial Training. He immediately impressed me because of his dead-aim market focus on operators who were either underserved or not served at all. He’s definitely identified a lucrative space, and Verge’s investment in Wellkeeper will allow Randy and his team to quickly scale the business.” said Suzanne Roberts, TVC Project Director.
About Wellkeeper
Wellkeeper was formed nearly 4 years ago to develop reliable, dependable, and affordable remote monitoring solutions for independent oil and gas operators. The resulting patent pending technology is now providing vital business information to operators in the Permian Basin, the San Juan Basin, Barnett Shale and Oklahoma. WellKeeper is located in Albuquerque, New Mexico with sales offices in Midland, TX and Denver, CO with plans to expand soon to Dallas, TX, Houston, TX and Tulsa, OK. www.wellkeeper.com
About Verge
Verge is a seed and pre-seed venture capital fund, investing in promising technology opportunities in New Mexico. With over 80 years experience in New Mexico as investors and operators, the six Verge partners work closely with entrepreneurs and technologists to develop promising opportunities in successful commercial ventures. Focusing on technology investments in New Mexico, Verge invests at the earliest stages of a company’s development, typically placing $100,000-$500,000 in first round investments. www.vergefund.com
About TVC
Technology Ventures Corporation helps entrepreneurs create technology companies and finds qualified investors to fund them. TVC is a non-profit foundation funded by Lockheed Martin Corporation and the National Nuclear Security Administration. It has offices in Albuquerque, Santa Fe, Los Alamos, Las Cruces, New Mexico; Livermore and Sacramento, California, and Las Vegas, Nevada. www.techventures.org
