Interface Fluidics raises $6.7M in investments, accelerating development of rapid fluid tester
by CM Staff
This latest investment was led by Equinor Ventures, a company involved in the energy transition, being the first offshore producer to electrify operations in their newest fields.
CALGARY — Calgary-based technology company Interface Fluidics has secured $6.7 million CAD ($5.4 million USD) from five investors to support Interface Fluidics’ technological product, which aims to revolutionize sampling collection and testing for the oil and gas industry. This technology platform will purportedly make collecting the data required to reduce freshwater and chemical consumption uniquely accessible by providing a faster, on-demand approach.
Interface Fluidics was founded in 2015 with the goal of revolutionizing how oil and gas companies think about fluids, both their impact on business decisions and the environment. This is the third and largest financing round since the company was founded, with more than $11 million USD raised in total.
This latest investment was led by Equinor Ventures, a company involved in the energy transition, being the first offshore producer to electrify operations in their newest fields. Equinor is also developing Northern Lights, a Carbon Capture and Storage (CCS) project. This financing will allow Interface technology to be put in the hands of clients in the field or the lab, cutting down on the shipping of hazardous chemicals and ensuring much faster test results.
“Equinor Ventures is excited to further strengthen the relationship with Interface Fluidics and support the development of their game-changing fluid analysis platform. Their technology will support the management of our existing oil and gas assets and shows potential for applications in carbon emissions reduction,” says Gareth Burns, Vice President of Equinor Ventures.
“Bringing in these foreign investments allows us to grow our team here in Alberta, potentially doubling the number of staff we currently have,” says Stuart Kinnear, Co-Founder and CEO of Interface Fluidics. “It’s a true vote of confidence in Canada’s ability to commercialize innovative technology.”
The latest round of funding indicates Interface Fluidics’ position as a company trying to use solutions-based technology to make the oil and gas industry more sustainable. This company now provides their services to major producers including Suncor, Equinor, Total, Cenovus, BP, Ovintiv, Saudi Aramco, and Petroleum Development Oman.