$60M NEOS Funding Round Includes Gates, ECG

By Houston Business Journal

Energy exploration firm NEOS GeoSolutions Inc. said Tuesday that it had closed a $60 million financing round that included such heavyweight investors as the Saudi-backed Energy Capital Group and the personal investment fund of Bill Gates.

The Houston-based geosciences company, which specializing in subsurface measurement for the oil and gas industry, said Gates and Bahrain-based ECG joined current investors that include New York City-based Goldman Sachs Group Inc. (NYSE: GS), San Francisco-based Passport Capital LLC and Silicon Valley investor Kleiner Perkins Caufield & Byers.

In a statement, NEOS chairman W. Michael Long said the company had invested more than $100 million to develop its technology, which he said could now become more widely available throughout the world.

ECG is backed by Saudi Arabia-based Rawabi holdings, and ECG founding partner and CEO Ali AlTurki will sit on the NEOS board of directors.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/houston/news/2011/01/18/60m-neos-funding-round-includes.html?ana=thestreet

Copyright bizjournals.com 2010

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