Tuesday, January 18, 2011

Bill Gates Invests In Oil Exploration Technology Firm

Microsoft's Bill Gates has backed a Texas developer of software and services for the oil and gas exploration market, NEOS GeoSolutions, according to NEOS today. NEOS said that it has landed $60M in funding from Energy Capital Group and Bill Gates, along with existing investors Goldman Sachs, Kleiner Perkins Caufield & Byers, and Passport Capital. NEOS has technology to help oil and gas firms determine where to explore, lease, and drill, and says it has invested more than $100M since 2006 into its technology and methodology. The new funding will go towards funding its technology development program, expanding data acquisition and data processing capacity, and other growth efforts. More information »