Wireless well technology provider Acoustic Data has secured an $8m investment from UK-based growth capital investment firm Energy Growth Momentum (EGM).

Acoustic Data, which was established in 2012, will use the proceeds from the funding to expand its operations and grow its team to leverage growing demand for its wireless downhole pressure and temperature gauge system.

The company’s SonicGauge uses its acoustic telemetry system and is aimed at reducing capital expenditures (capex) and operating expenses (opex) related to downhole data acquisition in both onshore and offshore oil and gas wells.

EGM partner John Wilson said: “The company combines a disruptive technology platform with a team that has experience scaling businesses in the sector.

“Now, more than ever, clients are demanding real-time data to make informed investment decisions. With an accumulated downhole run-time of 80 years, the SonicGauge system has the track-record and potential to make a big difference in the industry.”

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By GlobalData
“Now the R&D phase is complete, it’s time to rapidly scale the sales and operations arm of the company globally.”

The SonicGauge system is known for its ability to support quick retrofitting to an existing well with the company’s high-expansion gauge hanger.

Acoustic Data CEO Mark Tolley said: “Now the R&D phase is complete, it’s time to rapidly scale the sales and operations arm of the company globally.

“EGM’s investment allows us to engage the key personnel required to deliver against our internal goals and to expand our manufacturing facility to meet demand that’s outstripping our current capacity.”

In connection with its growth plans, Acoustic Data has appointed British communications agency Aspectus Group to increase its brand awareness globally.

As part of the contract, Aspectus will offer content strategy and media services to the company.