Founded: 2012

Website: coldboretechnology.com

Services Provided:

  • Corporate Finance
  • Strategic Business Development
  • Management and Implementation

Company Profile:

Cold Bore Technology is a sonic development company using today’s most advanced technology to solve tomorrow’s energy problems.

In today’s energy market, “the way we always have” is no longer good enough. Cold Bore provides ultra high-resolution insight into downhole operations. We give operators an unprecedented and unmatched noise profile downhole. Cold Bore’s SCA system allows operators to stop being reactive in the industry, enabling them to reduce their cost base through proactive automatic analysis.

    The Challenge: 

    Cold Bore wanted to bring improved technology and resources to the oil and gas industry. But innovation doesn’t happen overnight. They needed a system to keep their team focused and the financing to develop the technology. During this development process oil and gas pricing decreased in late 2014, and throughout 2015, this change to the market was also a hurdle that Cold Bore would have to navigate to both deliver a useful product to market and to remain sustainable.

    The Solution: 

    BIG worked with Cold Bore to implement a goal setting schedule ranging from 30 Day sprints up to longer term 1-year goals. This process allowed Cold Bore to monitor their internal business development, how their technology was progressing, as well as potential applications in the market for the technology they were developing. This ability to monitor their technology progression helped the company to recognize a strategic pivot, shifting them away from Measurement While Drilling Telemetry systems and instead focusing on Sonic Completions Analytics, a more viable customer market, and a logical adaptation of their existing acoustic technology. It also enabled them to better manage client relations with major brands. 

    How we did it

    Corporate Finance

    Facilitated and raised 8M in financing to create and develop a sonic analytics platform for the oil and gas industry.

    Strategic Business Development

    Facilitated and managed client relationships with major brands like General Electric.

    Management and Implementation

    Implement goal setting and tracking, allowing Cold Bore to track its technology development.

    Corporate Finance

    Cold Bore Technology raised $8 Million to create and develop a sonic completions analytics platform for the oil and gas industry. The company has closed both a Seed Round and a Series A Financing and developed through a strategic pivot that helped the company achieve commercialization and continued market growth.

    What we did:

    • Facilitated the raised 8M in financing in both a seed round and Series A financing.
    • Managed all shareholder communications
    • Managed Due Diligence process for investment
    • Created strategic narratives and budgets to keep the company operating through pivots during a difficult economic time.

    Stategic Business Development

    Selling an Oil and Gas technology untested is difficult, transitioning the testing relationship to a commercial relationship is even harder. BIG worked with Cold Bore on a multi-national basis, working with contacts in Canada, the United States, and in the Middle East to manage those relationships and bring their technology to market.

    What we did:

    • Facilitate and manage client relationships with major brands like General Electric.
    • Developing case studies detailing market success, allow Cold Bore to build stronger partnerships.
    • Contact and relationship management and facilitation. 

    Management and Implementation

    During the oil and gas pricing decrease in late 2014 and throughout 2015 Cold Bore was able to track and monitor its technology development and work with customers to continue its operations. This helped the company to recognize a strategic pivot, shifting them away from Measurement While Drilling Telemetry systems and instead focusing on Sonic Completions Analytics.

    What we did:

    • Implement a goal setting schedule ranging from 30 Day sprints up to longer term 1-year goals.
    • Work with the team to identify when technology pivots or positioning should change based on the goal setting schedule. 
    • Streamline development and team communications.

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