Cold Bore's Smartpad frac tech gains second investment round

By Cold Bore Technology Inc. | September 16, 2019

Cold Bore Technology Inc. has announced that it has secured a second round of strategic growth funding from Rice Investment Group (RIG). The completions technology firm is based in Calgary, Canada. 

Proceeds from the financing will be used to scale Cold Bore’s teams and technology to meet the considerable market demand being seen for its platform. In the past six months, the Company has signed and executed service agreements for its trademarked SmartPAD technology with fracking operators throughout North America, including six of the top 10 producers.  

“The E&P business model is shifting from production growth to delivering sustainable shareholder returns through efficient resource development.” said Derek Rice, Partner at Rice Investment Group. “An operator’s completion activity typically accounts for over 70 percent of its capital budget and can be a source of dramatic cost reduction with the right digital solutions. Cold Bore has developed a differentiated platform that goes beyond simple data aggregation, identifying tangible cost savings that immediately add value to the bottom line.” 

Cold Bore’s SmartPAD uses a patented combination of valve positioning and pressure monitoring sensors, field data collection systems and proprietary software to fully digitize completions operations. Its industrial IoT platform allows, for the first time, real-time operational data to be remotely accessed from anywhere in the world by those monitoring onsite activity.  

"Having RIG increase their position in Cold Bore at this time is further validation of what we’re building and the industry’s appetite for our technology.” said Cold Bore president, Brett Chell. “We look forward to continuing our close working relationship with the RIG team and are in an exceptional position to capitalize on the strong business momentum we’ve created over the last six months.”