Monday, August 6, 2007

GloriOil Raises $10M

Houston, Texas-based GloriOil said today that it has closed $10M in financing, co-led by Kleiner Perkins Caufield & Byers and GTI Group. GloriOil said the funding will be used to meet strong customer demand for its product. GloriOil is developing biotechnology used to improve recovery and reduce operating costs for oil and gas production. The firm said its technology has been deployed in multiple field in Asia since 2001, and was developed at the The Energy and Resources Institute (TERI) in India. More information »