Seabed imaging company PanGeo Subsea stays afloat with $11m in venture backing

The investment was led by Lime Rock Partners and CTTV Investments, the venture capital arm of Chevron Technology Ventures.

PanGeo Subsea has developed scientific concepts in the areas of 3D and 4D acoustic imaging technologies into products and services for applications predominantly in the oil and gas industry and other energy sectors. These products are used to interrogate the seabed from the seafloor to the reservoir. The company is broadening its markets to also include support for the installation of foundations for offshore wind farms as well as capturing opportunities in the offshore mining and military sectors.

Trevor Burgess, a managing director of Lime Rock Partners in its Aberdeen, Scotland, office, said, “PanGeo Subsea is introducing a number of leading-edge acoustic products to provide detailed images under the seabed. We at Lime Rock like the growth potential for breakthrough technology in the subsea market, and we have been very impressed by the technical leadership of PanGeo Subsea. PanGeo Subsea products will lower risk when installing and surveying foundations, pipelines, and other infrastructure in the offshore oil, gas, and wind sectors.”

Founded in 2006, PanGeo Subsea’s corporate headquarters are located in St. John’s, Newfoundland and Labrador with an operational office in Stavanger to service its initial market in Norway. PanGeo Subsea will be establishing sales and operational offices in key energy centers in Aberdeen, Denmark, Houston, Brazil, and South East Asia to meet their anticipated demand.

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